Ethereum Price Forecast December 19, 2017, Technical Analysis

Ethereum continues to form short-term dips that people take advantage of, and Monday was no different. We found enough buying pressure at the $680 level to cause the market to rally a bit more. I think that the $750 level is broken to the upside a very likely going to be a sign that we are ready to go much higher, at that point my target would be the $800 level, and perhaps even a break above there to the $1000 level. I believe that Ethereum continues to move with the overall cryptocurrency markets, including Bitcoin, which of course is almost always the main driver.

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ETH/USD Video 19.12.17

I think the $600 level underneath is going to be a “floor” in the market, and I think that every time we dip, you should think of Ethereum as offering value. I believe that if we break down below the $600 level, that would change the overall attitude to this market, and it should continue to be negative at that point, perhaps reaching down to the psychologically important $500 level. However, I think that the upward pressure in the cryptocurrency markets will continue as retail traders are getting involved. We are getting close to the holidays though, and considering that most of the drive of this market as retail, that will perhaps put a cap on the amount of money flowing into the market. I suspect that we are going to have quiet several sessions, at least until Bitcoin can rally again, which is currently facing a major resistance barrier in the form of the 20,000 handle. Until then, I buy small amounts of Ethereum between here and $600, building a larger core position that I plan on hanging on to into the new year. If we were to break down below $600, I believe that the fall 2 $500 would be quite rapid. I would be very interested in the $500 level in trying to build a new position as well.

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