Ethereum Price Forecast December 15, 2017, Technical Analysis

Ethereum continues to be very choppy, as we had initially reached towards the $750 level during the day, only to roll over and fall towards the $650 level. Ultimately, I think that the $600 level underneath is going to offer a bit of a floor, so I look at this pullback as an opportunity to pick up a bit of value. Longer-term, I still believe that Ethereum goes higher, but quite frankly I got ahead of itself so pullbacks like this makes sense. The marketplace will continue to be volatile as per usual, but at the end of the day it’s a marketplace that is positive. Because of this, I believe that there will be plenty of willing participants when it comes to the idea of buying Ethereum, as it is such a bullish currency. However, I think that what we need to see is value, and that something that difficult to suggest when we have had this type of run-up. This is the way markets are supposed to behave, they go higher, then they pull back to pick up more buyers. I think now we are starting to see some sense of stability and normalcy come to the marketplaces in the digital currencies base, as the futures market has brought in a lot of investing by large funds, not only to Bitcoin but to other crypto currencies as well.

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Remember, Bitcoin runs the show, Ethereum, although rallying more than Bitcoin this year, steps in line when it comes to the overall directionality. I think that the Bitcoin market needs to start rally again for Ethereum to truly take off, as it would show more of a “risk on” attitude with the crypto currency space. Currently, I see nothing on this chart that tells me I need to jump into the market with both feet, so therefore I think buying slowly is probably the best way to get involved, and to take advantage of the longer-term uptrend. This is a market that can be very volatile, but one that most certainly has plenty of momentum longer term.

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ETH/USD Video 15.12.17