Ethereum Price Analysis November 29, 2017, Technical Analysis

Ethereum, much like Bitcoin, has been going sideways for a couple of sessions now. This makes a lot of sense because I think the whole world is collectively watching the Bitcoin market and waiting to see if and when it breaks the $10,000 level. In fact, although there are a lot of things going on in Ethereum currently, I think the $10,000 level in Bitcoin is probably the motivating factor for most cryptocurrency traders around the world. The question is whether the market can break above that $10,000 level, and that should add bullish pressure on the other cryptocurrencies such as Ethereum. The $450 level underneath seems to be offering a lot of support, and I think that if we can stay above there, the market should continue to find buyers and try to reach towards the $500 level. The $500 level above will be psychologically resistive, but I think that once the Bitcoin markets can clear the $10,000 level, it’s likely that the $500 level won’t be as intimidating.

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If we were to break down below the $450 level, then I think the market probably drops down to the $425 level underneath, which was previous resistance. Ultimately, I watch the Stochastic Oscillator as a potential trading signal also, and a crossover in the oversold condition could be a nice opportunity to take advantage of what has been a nice range-bound market, and hopefully pick up quite a bit of bullish momentum with the ensuing Bitcoin move. If we break down below the $425 level, then the market finds, even more, support at the $400 level. I think we are looking at a “buy on the dips” scenario, and therefore it should be approached as such. I would also suggest that building your position slowly might be the best way to go, at least until we can get a daily close above the $500 level, which would be a massively bullish signal. Based upon recent consolidation, I would anticipate that the $550 level would be targeted due to the measured move. They move above the $400 level would be catastrophic, as it would be a loss of 20%, and would be a move that you would probably have to step away from. This is a very quiet situation in the meantime, but I think that eventually, we should see a continuation of the recent rally.

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