Yahoo Finance ETH/USD Price forecast for the week of January 8, 2018, Technical Analysis
The Ethereum markets rallied significantly during the week, breaking above the highs from the candle 2 weeks ago, which of course is a bullish sign. We broke towards the $1000 handle, but I’m starting to become a bit concerned as the volume isn’t exactly stellar. In fact, volumes are dropping all around the world with crypto currencies, so I think perhaps the market is starting to get a bit exhausted. Buying at these high levels would be reckless unless of course we could clear a major barrier with at least a daily close. Ultimately, I think that Ethereum does go higher but I would not be surprised at all to see some type a pullback that gives us an opportunity to pick up Ethereum “on the cheap.”
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I believe that the $700 level will be massively supportive, and if we can get down to that level, any sign of the support should be a nice opportunity to pick up this market. I think that ultimately the market will probably find a reason to go higher, but we have certainly seen this market overextended so, as we have broken above the top of the Bollinger bands, showing that perhaps we need to pull back. In fact, the middle of the Bollinger band is closer to the $425 level. I’m not saying that we go back there, but certainly we have gotten far ahead of ourselves so longer-term traders should be looking for some type pullback to offer value and a longer-term investment opportunity. If you buy at these levels, you may find yourselves waiting for a long time for the market to come back to you.
This article was originally posted on FX Empire
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