ETH/USD Price Forecast for the Week of December 11, 2017, Technical Analysis

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Christopher Lewis

Updated Sat, Dec 9, 2017, 12:01 AM

Ethereum has gone back and forth over the course of the last week, forming a neutral candle. This is the second neutral candle in a row, and this tells me that the market is trying to figure out where to go next. With the massive amount of attention on the Bitcoin markets, it seems as if the Ethereum market has been forgotten. The market continues to be very choppy and noisy, and I think that the $500 level above is causing a lot of issues for the buyers. A break above the $550 level should signal that the market should go much higher, and I believe that the $350 level underneath would be massive support. I like buying dips, but I look at it is more of a shorter-term chart type of situation than anything else. A breakdown below the $300 level would be a breakdown in this market, and be very negative.

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ETH/USD Video 11.12.17

The noise continues to be deafening from the Bitcoin market, and I think that the situation will continue into this week, as the futures market will take front and center stage. Because of this, I think we may be seeing a bit of value in the Ethereum markets on these dips, and eventually, we will return to the bullish pressure that we had seen. I do like Ethereum in general, as it seems like a lot of “dumb money” is chasing Bitcoin. Quite frankly, there’s more money to be made here given enough time, but patience will be needed. I suspect that Ethereum could be the next coin to get a futures contract, but we are a long way from there. In general, I think that this market is when you can’t short unless of course, we were to break significantly below the $300 level, and more importantly, sustain that move on a weekly negative candle.

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