Advertisement
Advertisement

ETH/USD Price Forecast January 5, 2018, Technical Analysis

By:
Christopher Lewis
Updated: Jan 5, 2018, 08:20 UTC

The Ethereum markets have been rallying during the last several sessions, and of course Thursday was in any different. In fact, it looks as if we’re going to go chasing a large, round, psychologically significant number.

ETH/USD daily chart, January 05, 2018

The Ethereum markets rallied a couple of times during the trading session on Thursday, as we had been in an uptrend in channel, but as I record this video, we are breaking out of that up trending channel, getting into a bit of an impulsive move. The $1000 level above will almost certainly be reached by the time you’re watching this video, and the question then becomes whether we can stay above that level. I suspect that we will probably get a bit of exhaustion in that area, but that exhaustion should only send this market lower and looking for buying pressure via support. I think that the $900 level underneath is the massive support level just waiting to happen, and I think as we go into the jobs number today, the US dollar course will be on its back foot based upon what I am seeing in the Forex markets. That helps Ethereum, as Ethereum is starting to play catch up to the Bitcoin market.

2018 looks very likely to be very good for Ethereum, as money is leaving the Bitcoin market and looking for better returns. Ethereum is the big market that most people are putting money in, but we are starting to see other markets being picked up as well. I think that as the market continues to pull back occasionally, buyers will come in to pick up little bits of value. I think we do break above the $1000 handle eventually, but it’s interesting to see whether we can do it in one attempt, or if we need to do a couple of pullbacks to build up the necessary momentum.

ETH/USD Video 05.01.18

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?

Advertisement