Ethereum Price Forecast February 22, 2018, Technical Analysis

ETH/USD

Ethereum initially tried to rally during the day on Wednesday but turned around to form a shooting star. The shooting star suggesting that we are going to go lower from here, and perhaps break down towards the $800 level. I think that the market has even more support at the $750 level, so it’s only a matter of time before we can see some type of support. If we were to break down below the $700 level, that would be an extraordinarily negative sign and could send Ethereum lower. The one thing that I am concerned about is that volume has been very anemic, and therefore I anticipate we will continue to see a bit of consolidation with the downward bias.

ETH/USD Video 22.02.18

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ETH/EUR

Ethereum initially tried to rally during the day against the Euro as well but ended up falling over in this market as well. The €700 level has offered slight support, but if we can break down below there I think the market goes looking towards the €600 level. I think that is a significant support level, so I would anticipate some type of bounce from there, but if we were to break down below the €600 level, this market could unwind rather drastically. I believe that a break above the €800 level would be a significant break out in the market as we can continue to see the uptrend strengthened. However, I don’t think we have the volume, and I suspect that the market is ready to roll over again.

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