Ethereum markets continue to be very noisy, and I believe that we are looking at a situation where we continue to jump to the upside, as the 20 SMA on the Bollinger Band indicator looks likely to offer support on the hourly chart, and even if we don’t hold that level, I think that the $700 level is likely to offer support as well. Ultimately, I believe that the buyers will return, but it’s likely that we will find that the markets are going to be very noisy as traders are not jumping in with both feet right now. Longer-term, I believe that the $800 level will be a target, and I believe that eventually we go beyond there and even reach towards the $1000 handle.
ETH/USD Video 02.01.18
Rallies that occur over the next several weeks I think will find buyers every time the pullback, as they typically will do. There is a certain amount of ebb and flow to the marketplace, but I think it’s a market that has a significant amount of noise attached to it, and of course the crypto currency space is starting to attract a lot of attention in general. However, most of that attention is on Bitcoin, and I think that Ethereum is playing 2nd fiddle. Eventually though, I think but he goes looking towards Ethereum as Bitcoin has gotten a bit overheated, and I think that might be the story of 2018. Buying on the dips continues to be the best way to play this market, but I recognize that a significant pullback certainly can happen occasionally, so add slowly.