Ethereum Analysis December 19, 2107

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ETH/USD

Ethereum continues to go sideways during the trading session on Monday, but has a slight upward tilt. Because of this, I believe that the market is going to continue to find buyers underneath, perhaps sending this market to the upside. I think that given enough time, the market should then go towards the $800 level, the next psychologically important level. It appears currently that there is a massive amount of support near the $650 handle.

ETH/BTC

Ethereum has been holding relatively strong against Bitcoin, trading in a range. I still believe that there is longer-term downward pressure, but it appears that in the short term we may go looking towards the 0.04 level, followed by the 0.045 handle. Because of this, short-term buyers might be attracted but I believe it will only set up a shorting opportunity.

Thanks for watching, I’ll be back tomorrow.