Ethereum Price forecast for the week of March 12, 2018, Technical Analysis

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Updated: Mar 10, 2018, 07:03 UTC

Ethereum market sold off drastically during the week, breaking down below the support level is that we have seen previously. The market looks to be broken, and right now I suspect that Ethereum is going to continue to see a lot of bearish pressure.

ETH/USD

Ethereum markets broke down significantly during the week, reaching below the $700 level on Friday. The market looks likely to continue to reach towards the $600 level, which is the bottom of the hammer that formed a couple of weeks ago. The fact that we are closing so close to the bottom of the candle tells me that we will more than likely continue to find plenty of reasons to roll over. A breakdown below the $600 level sends this market looking to the $500 level, and then eventually the $400 level after that. I have no interest in buying Ethereum currently.

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ETH/USD weekly chart, March 12, 2018

ETH/EUR

Ethereum also fell against the Euro, just as you would expect. We have broken down below the €600 level a sign that we are ready to continue to go much lower, perhaps reaching towards the €450 level which is where we bounce from to form the hammer. If we can break down below there, then €400 gets targeted, followed by the €300 level which had previously been massive resistance. As we are starting to break down below the 61.8% Fibonacci retracement level, it is my experience that we typically do a bit of a round-trip, or at least close to it. In other words, I think this pair goes much lower, and the first sign of that happening of course is breaking below that hammer. I have no interest in buying Ethereum against the Euro either, as the volume simply is not there.

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ETH/EUR weekly chart, March 12, 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.