Ethereum Price forecast for the week of March 19, 2018, Technical Analysis

By:

Updated: Mar 17, 2018, 07:08 UTC

Ethereum markets fell again during the week, as crypto currency markets in general have been getting pounded. We are testing a very serious support level on the longer-term charts, so this could be an interesting market to watch.

ETH/USD

The Ethereum markets fell significantly during the week, reaching down towards the 61.8% Fibonacci retracement level, and the bottom of the hammer from last month. If we were to break down below the $550 level, it’s very likely that the market will continue to go lower, perhaps looking towards the $500 level first, and then the $400 level after that. I believe that if we bounce from here, we will probably see resistance at the $700 level. We must hold the $500 level for any hope of the uptrend to continue.

ETH/USD Video 19.03.18

Get Into Ethereum Trading Today

ETH/EUR

Ethereum has also fallen against the Euro during the week, reaching down towards the €500 level again. There is a hammer from last week, so I think that if we break down below the €450 level, the market should continue to drop down to the €400 level. If we bounce from here, I think the €600 level will offer resistance, so I think at best you’re probably looking at a short-term opportunity. Longer-term, if we can clear the €600 level I think the market can go higher, perhaps reaching towards the €725 level after that. I suspect that this market continues to be very noisy, but in general I think that the crypto currency markets continue to find a lot of trouble. Ultimately, I believe that the market continues to find plenty of reasons to fall though, especially if the EUR/USD pair rallies. The fact that Ethereum fell against the Euro during such a soft week for the currency is not a good sign.

Buy & Sell Ethereum Instantly

Suggested Articles

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.