Ethereum Price Forecast February 23, 2018, Technical AnalysisThe Ethereum tried to rally during the trading session on Thursday, but then turned around to fail significantly. The market looks as if it is trying to roll over, perhaps reaching down to the $700 handle which is also the 61.8% Fibonacci retracement level.
Ethereum initially tried to rally against the US dollar on Thursday, but then turned around to form a negative candle. I think at this point, the markets looking ready to reach down towards the $700 level, an area that has been important in the past. If we are to break down below there, I think the market then goes down to the $600 level, perhaps even lower. Alternately, if we turn around and break above the $1000 level, then the uptrend could happen. At this point though, it looks to me like we are going to struggle to rally, and at this point I think Ethereum in trouble.
ETH/USD Video 23.02.18
Ethereum initially tried to rally during the trading session on Thursday, showing signs of rolling over towards the €600 level. That’s an area that has a lot of support underneath it, so that’s my initial target. If we do break down below the €500 level, the bottom will fall out in this pair will crumble. I anticipate that somewhere near the €600 level, the buyers will probably come back, but I would also point out that the volume is very anemic, and that is not helping. Because of this, is very unlikely to reach higher levels easily. I believe that the €800 level is now the “ceiling” in the market, and I think we are probably going to bounce around with very little in the way of bullishness over the next several sessions. I must admit, it looks as if crypto currencies are on the precipice again.