Ethereum Price forecast for the week of February 5, 2018, Technical Analysis

ETH/USD

Ethereum market sold off during the week, breaking down below the psychologically important $1000 level finally, and although we did get a bit of a bounce, this time it stuck. I think the market is going to go looking towards the $800 level next, but we may get a short-term bounce. That bounce should be and I selling opportunity, and I believe that the market should continue to drop significantly if we clear the $725 level. At that point, I would anticipate a return to the $300 level. The Ethereum markets have been following Bitcoin as usual, so it makes sense that the markets will move in the same direction.

ETH/USD Video 05.02.18

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ETH/EUR

Ethereum markets broke down significantly during the week against the Euro as well, so I think that the market which should continue to go lower, as the 50% Fibonacci retracement level was breached. We did find buyers just below there though, so it is at least a sign of hope, something that is not to be found in most crypto currencies lately. I still think that there is more pain to come though, so I would not be buying at this point and I suspect that this is going to become a “sell the rallies” type of situation going forward, and I think that is only a matter of time before we breakdown rather significantly. We would need to see a green candle with a lot of volume to change the overall attitude, but I think at this point the retail trader has been hurt far too much.

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