Ethereum Price Forecast March 16, 2018, Technical Analysis

ETH/USD

Ethereum markets initially fell against all currencies during the trading session on Thursday, but as you can see, we found support near the $575 level, bounced, and it now looks as if we may form a bit of a hammer on the daily chart. This of course is a very bullish sign, but I think that there is plenty of resistance above, so this is a short-term bullish move at best. I think if you get some type of rally from here, people who are underwater when it comes to the Ethereum markets will probably be looking to get out above. In other words, it’s a short-term buying opportunity, but at the end of the day rallies are still sold in this market.

ETH/USD Video 16.03.18

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ETH/EUR

Ethereum markets also fell against the Euro during the trading session, reaching down towards the €470 level, and then bounced enough to break above the €500 level. It looks as if we could find a hammer by the end of the day, if we can maintain current levels. That’s a bullish sign, and I think would have this market looking towards the €550 level. However, once we get into a significant amount of noise, I think it’s only a matter of time before sellers coming back into the marketplace, trying to take advantage of higher pricing to get out of underwater positions. Ultimately, this is a market that I think won’t be one that you can buy for any significant amount of time until we get above the €600 level. Even with the bounce, I remain bearish longer term.

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