Ethereum Price Forecast December 1, 2017, Technical Analysis

Ethereum fell again during the trading session on Thursday, reaching as low as $390. The $400 level offered a bit of support and the range as you can see has held the significantly. We have bounced $25 from there, but given enough time I think it’s only a matter of time before we roll over again. If we did break above the $460 level, then I think the market probably goes higher. It’s not until then that I am comfortable buying this market, because quite frankly Bitcoin looks as if it is still likely to find some selling pressure. In general, the markets will continue to look at lower levels, perhaps down to the $370 level underneath. That level is much more supportive, and could be a place where we form a bit of a base. I think that the psychological troubles of breaking above the $500 level could continue to be an issue for the market as this type of vicious selloff will have scared a lot of traders.

Adding more fuel to the fire is that Coinbase added 300,000 accounts over the last weekend, and this will have a broad a lot of fresh and nervous money into the marketplace. Imagine putting money into the market 3 days ago, to see it rally 10%, and then roll over another 20%. It doesn’t take much imagination to figure that a lot of that fresh money is extraordinarily angry right now, and probably fearful. In other words, selling. I think the damage of the last couple of days will be long reaching, and crypto currencies may have just blown a nice opportunity to pick up more faithful. However, this is the way of bubbles, and I think we are continuing to see signs of a bubble, but we are not at the top. And because of this it’s likely that we will find buying opportunities given enough time, but right now I think you are probably best served being on the sidelines as it is very dangerous to trade right now, especially if we are going to have some type of sizable position. It’s possible that the bearish traders out there just fired the first salvo.

ETH/USD Video 01.12.17