Ethereum Price Forecast December 14, 2017, Technical Analysis

The Ethereum markets rallied significantly during the trading session on Wednesday, reaching as high as $740 in the meantime. However, I think that the market should continue to be very noisy and more importantly: very bullish. We have broken out significantly, and I think that the most important thing you can take away from the chart is that we have a continued buying pressure, and should see significant support near the $600 level underneath, which was previous resistance. A break below that level would be very negative, and could send this market as low as $533. However, after the recent move I suggest that we will more than likely continue to attract value hunters on these pullbacks, and a lot of people that are suffering from the “FOMO”, the latest acronym coming out of Wall Street which means “fear of missing out.” In fact, that could be said about most of the crypto currency space currently. Unfortunately, that’s also a tenet of almost all bubbles. Only time will tell.

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In the meantime, it’s obviously a market that shows a lot of bullish pressure. I believe that the $600 level underneath is significant support as it was significant resistance, and I think that the buyers that have missed the most recent move will be looking to get involved or at least add to their position yet again in that region. If we were to break down, again, I believe that the $533 level will be massively supportive as well. In fact, I would have no interest in shorting this market until we break down below the $500 handle, which seems very unlikely to happen. Of course, we have the Federal Reserve interest rate statement, and that of course can have a lot to do with where the US dollar goes, which also has a “knock on effect” in this market. If the US dollar falls, then it makes sense that Ethereum rallies and of course vice versa. Because of this, even if you are only trading crypto currencies, you simply must follow the Forex markets as well, as they have their influence here as well.

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ETH/USD Video 14.12.17