Ethereum Price Forecast February 6, 2018, Technical Analysis

ETH/USD

Ethereum markets fell apart during the trading session on Monday, as crypto currencies continue to fall apart. Ultimately, I believe that crypto currencies are going to continue to be very bearish, as we are starting to see a lot of unwinding of retail positions. The $700 level will be targeted next, and I believe that the $850 level is now the “ceiling” in the market. I have no interest in going long of this market, as it is obviously broken. Ethereum is falling even harder than Bitcoin is.

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ETH/USD Video 06.02.18

ETH/EUR

Ethereum also fell against the Euro, breaking below the €600 level. I think that the market will continue to find plenty sellers above, and I think that every time we rally a lot of traders will be looking to dump their positions when it rallies, as it gives them an opportunity to either breakeven, or at least lose less than they had. By taking advantage of this massive panic in the markets, you can benefit if you could go short. As far as buying is concerned, there’s no way I would do that, we are far from the bottom of the market. The €500 level underneath is a reasonable target, and we could perhaps even go lower than that. It’s not until we break above the €700 that I would be convinced that we have something going for the buyers. As I record this, the ETH/EUR pair has lost another 14%.

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