ETH/USD Price Forecast January 8, 2018, Technical Analysis

On longer-term charts, the Ethereum markets look a bit overdone. However, on the hourly chart it looks as if we are following in up trending channel, so that could give us a bit of support. I think that longer-term, the markets are going to go higher but we continue to see a lot of choppiness along the way. If we break down below the up-trending channel, I think that the market probably goes looking to the $900 level next for support. Obviously, the $1000 level is going to cause a bit of resistance due to the large, round, psychologically significant nature of the figure, but in the end, it’s only a number, and markets will break through there.

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ETH/USD Video 08.01.18

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Ultimately, this is a market that I think continues to favor the upside due to not only the crypto currency craze, but the US dollar falling in general. Now that we have seen the move to the upside, I think a lot of people will be willing to chase this trade, and I think ultimately there will be a lot of buying pressure given enough time. Even if we break down below the $900 level, I think the $800 level also is massively supportive. I don’t have any interest in selling this market, but I do recognize that we could get a bit of negativity in the short term, but think of that as value in a market that certainly has seen quite a bit of buying pressure lately.