Ethereum Price Forecast March 21, 2018, Technical Analysis

ETH/USD

Ethereum markets broke down a bit during the trading session against the US dollar, reaching towards the $520 level. However, we found enough support to cause the market to bounce towards the $540 level as I record this video. There is still significant resistance of $560 above, so that could cause a bit of trouble for the buyers. If we can clear that level, then I think that the market could go to the $600 level. Until then, I assume that we continue to consolidate between $520 underneath, and $560 above. I think that the market will continue to be very noisy, especially considering that the Federal Reserve is meeting this week, and inflationary expectations are in focus. Interest rate decisions and statements will move the US dollar, which of course will move anything that’s trading against it, including Ethereum.

ETH/USD Video 21.03.18

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ETH/EUR

Ethereum markets also were initially negative against the Euro but found enough support at €420 to turn things around. We still see significant resistance at the €460 level above but breaking above that level could free the market to reach towards the €500 level over the longer term. Alternately, I believe that there is still significant support between the €400 level underneath, and the €420 level that we touched early in trading on Tuesday. Think of it more as a “zone” of support. I think at this point though; crypto currencies need to be looked at as something that gives you an opportunity to sell rallies on signs of exhaustion. If we broke above the €500 level, that could change things as it would be a significant move.

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