Ethereum Price Forecast March 8, 2018, Technical Analysis

ETH/USD

The Ethereum markets rolled over against the US dollar during training initially on Wednesday, but then broke down drastically. Ultimately, it looks as if the market is going to go looking towards the $725 level, and then perhaps even $700 level after that. Ultimately, this type of action is very negative for the longer-term outlook of Ethereum, and I think at this point if we can break down towards the $700 level, it will bring in a fresh new round of selling. Crypto currencies around the world are getting pummeled, so I think at this point it’s only a matter of time before sellers return with this action.

ETH/USD Video 08.03.18

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ETH/EUR

Ethereum breakdown below the €600 level during the trading session on Wednesday as well, looking very susceptible the downward pressure. If we can make a fresh, new low, then I think the market will then go down to the €500 level next. There is a lot of negativity in this chart, and it seems as if the bottom has just fallen out. The question now depends on the next couple of days, but at this point I would have no interest in buying Ethereum, as not only has this market break down, but it’s likely that Bitcoin breaking down has only made this and uglier situation. At this point, it’s become obvious that the crypto currency space is going to continue to fall apart over the next several sessions. Ultimately, this is a market that I believe is a “sell the rallies” situation happening all over again, just as we have seen more than once this year.

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