Ethereum Price Forecast January 31, 2018, Technical Analysis

ETH/USD

Ethereum markets drifted lower during the trading session on Tuesday, reaching down towards the $1100 level. This is an area that should be somewhat supportive, so I think if we break down below there, we would probably go looking for more support, somewhere near the $1050 level, or even the $1000 level which will have a lot of psychological significant pressure as well. I think if we do rally, the $1250 level above would make a nice target, but it is going to be choppy and volatile regardless. While Ethereum has lost for the day, it has lost much less in value than some of the other crypto currencies.

ETH/USD Video 31.01.18

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ETH/EUR

Ethereum markets also fell against the Euro, reaching down towards the €900 level. This is an area that begins a lot of noise, then extends down to at least the €800 level, so I think we could get a bit of a bounce. However, in the meantime it looks as if crypto currencies are going to continue to struggle, so I think that we probably have a gentle grind lower more than anything else. If we can rally, it would make sense that we would attempt to reach towards the €1000 level above, as it was the most recent high and of course has a certain amount of psychological importance attached to it. We have seen a grind higher over the last several sessions, and therefore I think that we may also be seen a bit of profit-taking in the short term. Bitcoin has gotten beaten up during the day, so I think some of that is a little bit of a knock-on effect over here.

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