Ethereum Price Forecast March 7, 2018, Technical Analysis

ETH/USD

The Ethereum market fell significantly during the trading session on Tuesday, reaching down towards the $825 level. That’s an area where I think support extends down to the $800 level. That’s an area that will attract a lot of attention based upon previous support, and the $900 level above is previous resistance. I think if you have the ability to trade back and forth on a short-term perspective, you may be able to benefit from the consolidation that looks to be set in this market. If we break down below the $800 level, then the market could go down to the $750 level next. I believe that the market needs to pick up volume before we can see a significant move.

ETH/USD Video 07.03.18

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ETH/EUR

Ethereum also fell against the Euro, dropping over 2% during the day. There is support below at the €650 level, and I think we could see a bit of a bounce due to that. However, if we break down below the €650 level, the market looks likely to drift down to the €600 level next, as it is a large, round, psychologically significant number. I also recognize that the €725 level above is resistance, and a break above there would send this market looking towards the €800 level above, an area that has been resistance more than once. I think that we will see a lot of choppiness, as crypto currency markets are currently lacking volume. Ultimately, this is a market that continues to offer a range bound trading just as it does against the US dollar.

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