Ethereum Price Forecast March 20, 2018, Technical Analysis

ETH/USD

Ethereum markets were noisy during the trading on Monday, as the $550 level has offered a bit of resistance. We have been consolidating for most of the day, with a slightly upward bias. I think that ultimately, we will probably see market participants trying to break above the $560 level, which would be a bullish sign. I think that if we do that, the market probably goes looking towards $600 next. Alternately, we could roll over and go back towards the $520 level. A breakdown below $500 opens the door to the lows again. At this point, small position sizing will be crucial.

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ETH/EUR

Ethereum markets were noisy during the trading session against the Euro as well, as we reached towards the €450 handle. I think if we can break above there, and perhaps even the €460 level, the market should go looking towards the €480 level, followed by the €500 level. I anticipate it may be difficult to get above that level, so this is a short-term bullish opportunity if we do get the break out. I think that the €420 level underneath will continue to be support, and that will be the overall attitude of the market in a nutshell. If we do break down below that level, then I think it opens the door to the €380 level as it was the most significant recent low. We are most certainly still in a downtrend, so I favor selling signs of exhaustion if and when we get them.

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