Ethereum Price Forecast December 6, 2017, Technical Analysis

Ethereum continues to go sideways in general, as we have found a certain amount of support near the $450 level that extends down to at least the $440 level for what I see. The Stochastic Oscillator on the hourly chart is starting to cross over in the oversold condition, and therefore I think that it’s likely that we could bounce in rally towards the $470 level above, perhaps even the $480 level after that. Ethereum is in a longer-term uptrend obviously, as most cryptocurrencies are. However, it unlike the Bitcoin market did not break above the massive psychological resistance barrier. In Ethereum markets, it was the $500 handle. And Bitcoin it was the $10,000 handle, which it has blown through. Ethereum is a laggard in this sense.

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ETH/USD Video 06.12.17

Ultimately, if we were to break down below the $440 level, we should then go down to the $400 level next which is massively supportive. A breakdown below there could lead to something rather catastrophic, but currently, it looks as if the market is simply biding its time, trying to build up enough momentum to finally break out to the upside. A move above the $500 level would be an explosive move to the upside and should be a “buy-and-hold” situation just waiting to happen. The volatility continues to be an issue, so adding slowly is probably the best way to go, and with this, in mind, it’s likely that we will continue to see buyers take advantage of these dips as it gives you an opportunity to pick up the cryptocurrency “on the cheap.” Eventually, I anticipate that we will see the buyers return.

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