Ethereum Price Forecast February 9, 2018, Technical Analysis

ETH/USD

The Ethereum markets rallied a bit during the trading session on Thursday, reaching towards the $850 level. That level has previously been supported, and it’s likely that the resistance showing up here makes sense as it is a phenomenon known as “market memory.” Because of this, it’s not until we clearly break above the $850 level that I think we can go higher and go looking towards the significant $1000 handle above. The market looks likely to be very volatile, and at this point I would pay attention to volume, as it is very low. Because of this, it’s possible that this could be a bit of a “dead cat bounce.” If we break down below the $700 level, that would confirm that we are going much lower.

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ETH/USD Video 09.02.18

ETH/EUR

Ethereum markets rallied a bit during the trading session on Thursday as well against the Euro, but I think that the €800 level above is the “ceiling”, at least for the time being. The €600 level underneath is massive support, so I think if we break down below there it would be very negative for this pair. Volume is almost nonexistent, and that makes me a bit cautious about buying. It’s possible that we have started to enter an accumulation phase, but I believe that you have plenty of time to start buying, because the days of massive surges higher in the crypto currency markets are probably over. There been far too many people burnt by the bubble, so I think that if we do recover the losses, it will be more of a slow and steady move.

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