Ethereum Price Forecast December 11, 2017, Technical Analysis

I think that Ethereum rallied during the Friday session is important, but not exactly earth shattering. Most of the world is paying attention to Bitcoin, so Ethereum has played second fiddle. If we can break above the $475 level, we will make a serious attempt at the $500 level above. A break above the $500 level with be significant, and add more of a “buy-and-hold” attitude. Pullbacks at this point should offer plenty of support at the $425 handle, an area that features a lot of noise. I think that the support extends down to the $400 level, so it’s not until we break down below that level that I would be concerned and consider selling. I think that we will continue the choppiness, but a “buy on the dips” attitude continues to be how I want to play this market.

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ETH/USD Video 11.12.17

Pay attention to the US dollar, if it continues to strengthen that may weigh upon crypto currencies eventually, Ethereum included. The choppy and volatile situation should continue, so don’t feel rushed to get involved. Adding slowly is probably the best way to go when it comes to the smaller currencies in the crypto space, as I think Bitcoin is going to steal most of the thunder over the next several sessions. If we were to break down below the $400 level, and close below there on a daily candle, I think at that point Ethereum would collapse down to the $350 level, followed very quickly by the $300 handle. Building up momentum is with this market is about right now, and at this point I don’t think we are going anywhere quick, so take your time and add slowly as the markets moving your direction and towards the $500 barrier.

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