Ethereum Price forecast for the week of February 12, 2018, Technical Analysis
ETH/USD
The Ethereum markets fell significantly to the downside during the week, as the crypto currency markets continued the meltdown. We reached below the $600 level, which was a very negative sign, but we have bounced since then to form a massive hammer. The hammer of course is a very bullish sign, and a break above the top of that hammer is typically a buy signal. I think although the buyers look like they are coming back, this won’t be a straight shot to the upside. Ultimately, I do think that value hunters have come back into the market, but this needs to grind sideways to build up support. If we do rally just as rapidly as we did earlier this year, that’s going to set up for an even worse sell off.
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ETH/USD Video 12.02.18
ETH/EUR
The Ethereum market broke down below the €600 level during the week, finding support at the €450 level before bouncing significantly to form a hammer. The hammer of course is a bullish sign, so we can break above the top of that hammer, I suspect that we will eventually grind towards the next psychological important barrier, the €800 level. I don’t think it’s a straight shot higher, and I think that this is more of a grind to the upside that we will probably see. If we managed to break down below the bottom of the hammer, that would be a very catastrophic sign and I think that this pair would fall apart. Ultimately, I think we are trying to build up confidence.