Ethereum Price Forecast February 7, 2018, Technical Analysis

ETH/USD

Ethereum markets have rallied significantly during the day, gaining over 3% at one point on Tuesday. However, we have a lot of resistance above, and I think that there are several areas where we could have the sellers jump into this market, trying to recoup some of the losses that they almost undoubtedly have seen. I think that signs of exhaustion above will be opportunities to start selling and is not until we clear the $1000 level that I am convinced that Ethereum will continue to rally for the longer-term. It is going to take very little to scare traders out of the market again after this type of carnage.

ETH/USD Video 07.02.18

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ETH/EUR

Ethereum markets also rallied against the Euro, which isn’t much of a surprise as the currency itself has fallen a bit in the Forex markets. However, the €600 level looks as if it is trying to offer resistance and is not until we clear the €800 level decidedly that I would be comfortable buying. I think this market is likely to find sellers above, trying to get out of the crypto currency space with as little damage as possible to their trading accounts. Ultimately, the market will be noisy at best, but I think it’s going to take a long time to build up the necessary base for longer-term traders to get involved again. If we did break above €800, it’s likely that we would see more momentum and sustainability.

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