Ethereum (ETH/USD) Price Forecast November 30, 2017, Technical Analysis

Ethereum continues to be very volatile, breaking out of the recent consolidation area, and the clearing the important $500 level. However, we turned back around to find a significant amount of support just underneath that level, and it looks as if we are ready to bounce again. This is classic technical analysis, as a breakout quite often will be accompanied by a pullback and potential confirmation of the move by bouncing later. It is not until we were to break down below the $450 level that I would be concerned, and quite frankly I think there is a lot of bullish pressure underneath and buying opportunities that we could take advantage of. At this point, dips in the Ethereum market are to be thought of as buying opportunities, and for those of you trading Bitcoin, it should be noted that Ethereum has rallied more than Bitcoin this year, which is almost impossible to believe looking at that chart.

In general, I believe that the uptrend probably extends for a move to the $540 level, as we were consolidating in a $40 range previously. Because of this, I think that the buyers are coming back and looking for value near the $480 level. There is plenty of action just below to suggest that there is plenty of order flow. However, volumes were very heavy on the negative candles, so this may be more of a grind to the upside as I believe a lot of traders are a bit cautious at this point. While I do believe that the longer-term move is higher, that doesn’t mean it’s going to be as easy as we saw during the early part of the Wednesday session. Either way, I certainly wouldn’t want to step in front of this type of momentum.

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ETH/USD Video 30.11.17

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In general, Ethereum looks likely to rise but I would advise against using massive amounts of leverage, depending on where you are trading. Ethereum has certainly made a significant argument for the buyers yet again, but I also recognize that the volatility that we are seeing in the cryptocurrency markets should continue to be a major issue for those who leverage their positions too much. Once we break above the $540 level, we will obviously go looking for the $550 level next, as it is a major round number, and will attract a lot of attention.

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