Ethereum Price Forecast February 16, 2018, Technical Analysis

ETH/USD

The Ethereum markets rallied a bit during the trading session on Thursday, reaching towards the 20 SMA on the daily chart, or the middle of the Bollinger Band indicator. At this point, it should be noted that traders using that indicator will look at this as for value, but more importantly in my estimation – the €1000 level is just above that is going to cause a bit of resistance as well. If we can break above there with volume, then I think Ethereum has a bright future indeed, perhaps reaching towards the highs again. We have pulled back to the 61.8% Fibonacci retracement level and beyond recently, so bouncing is a good sign, but I would not be surprised at all to see some type a pullback, so we can pick up more value. I look at dips as potential buying opportunities, but volume is a bit thin for my liking at the same time.

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ETH/USD Video 16.02.18

ETH/EUR

Ethereum was very stagnant against the Euro during the trading session on Thursday, as we are approaching the vital €800 level. This is an area that has previously been supportive, so it should now be resistive. I anticipate that we will probably pull back from here, especially considering how thin the volume is. Market participants are still a bit skittish, which makes sense after losing 70% in just a few short weeks. However, we have cleared out a lot of the “weak hands”, and if you are a long-term believer in the markets, you should be looking at this as an opportunity to invest “on the cheap.”

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