Ethereum Price Forecast March 9, 2018, Technical Analysis

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Updated: Mar 9, 2018, 06:35 GMT+00:00

Ethereum markets were a bit noisy during trading on Thursday, as we initially tried to rally, rolled over, found support underneath, and then rallied again. In other words, I believe that the market continues to build up a bit of a base, perhaps getting ready to rally again.

ETH/USD

The Ethereum markets fell significantly during the day on Thursday but did find a bit of support underneath at the $730 region. I think that this market is going to continue to grind away sideways in this general vicinity, as traders trying to build up a bit of confidence after the massive selloff. I think that given enough time the trading public will probably be waiting to see some type of stability or certainty come back into the market before putting money to work. If we break down to a fresh, new low, then I think will go looking for the $700 level.

ETH/USD daily chart, March 09, 2018

ETH/EUR

Ethereum markets also tried to rally against the Euro, but then pulled back initially during trading. However, as the ECB had a press conference during the day, and essentially beat its own currency have to death, the market did bounce significantly in this pair. The €625 level above being broken would be a bullish sign, perhaps sending this market to €640, and then beyond. The alternate scenario of course is that we were to break down below to a fresh, new low, something that doesn’t look very likely to happen. However, if it were to do so I think the market then goes down to the €550 level next. Overall, I believe that this market will continue to be very noisy, as we try to build up a bit of confidence. The falling Euro certainly will help the situation in this part of the market.

ETH/EUR daily chart, March 09, 2018

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.