Ethereum Price Forecast December 12, 2017, Technical Analysis

Ethereum rallied during the trading session on Monday, almost as soon as we opened. The $420 level offered enough support to send the market towards the $470 level, but I think that the overall consolidation can be measured from the $400 level on the bottom to the $500 level on the top. I think this is more of the same, as although we have gained roughly 8% as I record this, the reality is that these moves have been somewhat predictable, as once we get close to the $400 level, there seems to be more than enough interest to push the market to the upside.

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I think in general, we need to form some type of range bound system to take advantage of this phenomenon, with an eye to the upside as we are in a longer-term uptrend. If we can break above the $500 level, then the market should continue towards the $600 level above, based upon a measurement of this consolidation. Ethereum has taken a backseat to Bitcoin as Bitcoin opening on the futures market has grabbed all the headlines and attention around the world. I believe that Ethereum will eventually break out to the upside, so building up a larger position on short-term pullbacks might be a way going forward to take advantage of what has been a very choppy trading condition.

 

ETH/USD Video 12.12.17

If we were to break down below the $400 level, that should send this market much lower, perhaps reaching down to the $300 level based on the measured rectangle. I would be a bit surprised by this, but recognize that it is, in fact, a possibility. In general, I think that the cryptocurrency mania continues, which will make most cryptocurrencies do reasonably well over the medium-term, but I would be very careful about jumping “all in” immediately, as there has been such a massive run-up over the last several months. After all, one looked at over the last year, Ethereum has outperformed Bitcoin.

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