Ethereum Price forecast for the week of January 29, 2018, Technical AnalysisEthereum markets went back and forth during the week, initially breaking below the $1000 level before bouncing in forming a bit of a hammer. Wally bullish sign, lack of volume continues to be a major issue.
The Ethereum markets broke down below the $1000 level but found enough support to turn around and form a hammer. The hammer is a very bullish sign, and therefore I think that some people will be excited. However, there is almost no volume in that concerns me. If we break down below the bottom of the hammer, it could send this market down to the $800 level next, where I see much more structural support, and a lot less psychological support. We are in an uptrend, and that hasn’t changed, but I recognize that the markets are certainly suffering. Until we get volume, I don’t trust any rally.
ETH/USD Video 29.01.18
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Ethereum fell against the euro as well, but also formed a hammer, this time at the €800 level. However, we have a serious lack of volume over here as well, so I think we continue to see a lack of trust in rallies, and I would not be surprised at all to see the market ball below the €800 level yet again. If it does, I think we could drift down to the €600 level where there is much more substantial support. The strengthening Euro should continue to be a bit of a hamper to the rally in this market. Quite frankly, the way that the US dollar has been falling apart, if a rally is going to present itself in the Ethereum markets, it’s going to be much more prevalent in the EUR/USD pair. One thing that’s true about both markets, until we get volume none of this matters.