Ethereum Price Forecast March 23, 2018, Technical Analysis

ETH/USD

Ethereum traders continue to bounce around the $550 level, with $600 offering resistance. Over the last several sessions, we’ve seen this market do almost nothing, as it appears that volume is declining again. If Bitcoin can’t go anywhere, Ethereum won’t either. Volumes have been falling as reported in Great Britain in the United States, and that of course will do significant damage to any type of momentum trading. It appears that the days of 20% gains are long behind us and will be things of the past. As institutional money comes in, that will also slow down the markets, making the behave more like a financial asset such as currencies. At this point, we need some type of impulsive candle to follow. A break above $600 could have me buying though. Obviously, that would be a short-term trade.

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ETH/USD Video 23.03.18

ETH/EUR

Ethereum markets have done nothing against the Euro either over the last several sessions, as the €400 level has offered support, and the €500 level has offered resistance. It’s not until we break out of this consolidation area that money should be put to this market, and even then, I would suggest it’s probably going to be a short-term trade at best.

The crypto currency sector is going through major growing pains right now, as it has become a bit more mainstream. Because of this, we are starting to see a lot of unnecessary exchanges and crypto currencies struggle. There needs to be a complete flush and washout of the excess fat in this market before becomes efficient again. Because of this, I think that Ethereum is going to be very difficult to trade for other than a short-term scalp.

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