Ethereum Price Forecast January 16, 2018, Technical Analysis

Christopher Lewis

Updated Mon, Jan 15, 2018, 10:08 PM

Ethereum markets went sideways on Monday, essentially going nowhere. The markets continue to hover around the $1300 level, with the $1280 level offering support. Volume was missing, as Americans were celebrating the Martin Luther King Jr. holiday, and therefore a sideways day is not a huge surprise. I have an uptrend line just below, and I think it’s only a matter of time before the buyers get involved, but if we were to break down below the $1250 level, I think then the market goes looking towards the $1200 level next.

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ETH/USD Video 16.01.18

Crypto currencies in general have stuttered a bit during the year, and I think that we are going to see most of them cool off, especially the ones that are of decent volume such as Bitcoin and Ethereum. Because of this, the “easy money” has been made. Although I believe that we do go higher over the longer term, it’s going to act more like Forex pair, and a lot less like the bubble that we had seen forming. The $1500 level is probably the longer-term target currently, but it will take a while to get there so I’m not expecting to see that anytime soon. Buying on the dips probably remains the best way to play this market, as there is a certain upward bias, especially considering that the US dollar has been pummeled against almost every other currencies the world, as the “anti-US dollar bias” continues.

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