Yahoo Finance ETH/USD Price Forecast January 11, 2018, Technical Analysis
Ethereum markets continue to be very noisy, but with an upward bias. We have seen a rally initially during the trading session on Wednesday, but rolled over just below the $1400 level to form a negative move, only to bounce again and reach towards the $1350 level. The 20 SMA continues to offer significant support, and I think it’s only a matter of time before we get a move to signify the $1400 level will be attempted, and then eventually broken. The US dollar softening in the Forex markets could help as well, as that would send Ethereum much higher based upon that reason alone. The choppiness continues to be a problem with Ethereum markets, but in general I believe that we are going to continue to find plenty of reasons to rally going forward.
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ETH/USD Video 11.01.18
Market participants continue to look at pullbacks as value, and I think that the $1200 level should now start to offer significant support. That support should offer a bit of a “floor” that bullish traders will continue to rely upon. Volume is average, not necessarily strong or weak, so I think at this point the technical analysis should be relatively reliable. Over the longer term, I fully anticipate that the market is going to go looking towards the $1500 level, which of course is going to be an area of great interest. That area could cause a bit of resistance, but I believe we will eventually break above there as crypto currencies continue to take off to the upside.
This article was originally posted on FX Empire
