ETH/USD Price Forecast January 9, 2018, Technical Analysis

Ethereum rallied initially during the trading session on Monday, reaching towards the $1240 level, before rolling over and significantly breaking down towards the $1000 level. This area has been resistance in the past, so it makes sense that the area should be supportive going forward based upon classic technical analysis. The stochastic oscillator has broken down below the oversold level, where we have seen a crossover on the stochastic moving averages. This is a buy signal, so I think that the Ethereum markets are going to rally and continue to go higher, reaching towards the $1240 level.

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ETH/USD Video 09.01.18

On the other hand, if we break down below the $1000 level, the market should go down to the $800 level after that. This market has been bullish for some time, and the pullback has offered value for a market that I think a lot of people may have missed out on. Overall, I think that we will break out the fresh, new highs, eventually going to the $1400 level next. In general, I believe in buying on the dips, and selling is all but impossible until we break down below the $800 level.

Ethereum continues to be favored by crypto currency traders, and perhaps is going to try to catch up with Bitcoin in general. This has been an extraordinarily bullish move for some time, but I think that the directionality is clear. In fact, fresh, new highs will probably be realized within the next 48 hours. Expect volatility, but every time we pull back it should offer value that plenty people are willing to take advantage of.

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