Ethereum Price Analysis January 26, 2018, Technical Analysis

ETH/USD

Ethereum rolled over against the US dollar during the trading session on Thursday with almost no volume. This is an extraordinarily negative sign, because the US dollar is getting crushed in the currency markets. I think that is one of the biggest problems that I see in this market right now, the inability to take advantage of the weakness of the greenback. Simultaneously, gold markets have been rallying, and I’m starting to hear pundits talk about taking money away from the digital space and bringing it to the gold markets. I suspect we are going to go looking towards the $920 level.

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ETH/USD Video 26.01.18

ETH/EUR

Ethereum also fell against the Euro, showing signs of weakness again. It looks as if were going to go to the €800 level, and then eventually the €760 level. We are seeing a bit more in the way of volume during the day, and with red candles. This suggests that sellers are more interested than buyers, and I also recognize that we have either seen a bit of profit-taking, or possibly people getting out of position this as the market came back to them. Either way, there’s no deep conviction to hold in Ethereum right now, and certainly none to buy it. I think we are going to continue to see a bit of negativity in this market. If the US dollar show signs of strength in the Forex markets, that will only add to the pressure.

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