Yahoo Finance ETH/USD Price Forecast January 17, 2018, Technical Analysis
Ethereum traders sold during the open on Tuesday, drifting the market down to the $1000 level, which of course is a very significant level. I think that the market will continue to be noisy, as the market has a lot of things to consider when it comes to where crypto currencies are going next, and of course the US dollar did gain a little bit of traction in the Forex markets, which of course works against the value of crypto currencies. The fact that we bounce from the $1000 level is crucial, because that market being broken to the downside would almost undoubtedly release a flood of selling.
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ETH/USD Video 17.01.18
In fact, since we tested that area we have bounced about $500, but I think it’s obvious that there is a certain amount of trading volume at the $1200 level above, so it’s not until we break above there that I am convinced we are going to go much higher. We have broken down low an uptrend line, and then fell apart, which is a typical negative move. In the meantime, I anticipate that traders will probably create a new consolidation area between $1000 on the bottom and $1200 on the top. If that ins up being the case, perhaps using stochastic oscillator’s as a signal to buy or sell in either oversold or overbought conditions might be the way to go, especially when they line up nicely with one of those 2 levels. If we do break above the $1200 level, I think the next target is closer to the $1300 level.
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This article was originally posted on FX Empire
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