Ethereum Price Forecast February 12, 2018, Technical Analysis

Christopher Lewis

Updated Fri, Feb 9, 2018, 9:52 PM

ETH/USD

Ethereum markets rallied during the trading session on Friday, reaching towards the $850 level. More importantly, the weekly candle looks as if it is going to form a hammer, a very bullish sign as well. I think if you can break above the top of this weekly candle, buyers will return to the market, but I don’t think we’re going to see them in the same manner that we had earlier in the year. After all, volume is a bit thin, and a lot of retail traders have been decimated. Unfortunately, a large amount of them have put their Bitcoin and Ethereum on credit cards, compounding losses. Slow and steady probably wins the race here.

ETH/USD Video 12.02.18

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ETH/EUR

Ethereum markets rallied a bit during the day against the euro as well, and it looks as if we are trying to break above the €700 level. If we can get above there, it’s likely that we will go to the €800 level. Ultimately, I think that the market is probably going to continue to pull back occasionally, and I think that there will be buyers underneath looking to get involved. Ultimately, I think that the €600 level underneath is going to offer a bit of a “floor” for the short-term trader. If we break down below there, then we probably go down to the €450 level. I think we are trying to build up the upward momentum, but it’s going to be much slower than we had seen earlier in the year.

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