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Ethereum Forecast 2018: Bullish Trend is Here to Stay

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethereum's forecast in 2018 remains bullish against the US Dollar and bitcoin. ETH/USD will most likely accelerate higher during the coming months.

Key Highlights

Ether ended 2017 with solid gains and a yearly close above $700.00 against the US Dollar.
Looking at the daily chart of ETH/USD, the pair seems to be preparing for yet another major upside break.
ETH/BTC was mostly under pressure recently due to continuous gains in bitcoin price.

Technically, the daily chart indicators remain elevated in the bullish territory.

ETH/USD to Break Past $1000?

It was an amazing year for Ethereum supporters as ETH/USD achieved many important milestones such as breaking the $500.00 level and trading very close to the $900.00 mark.

On the other hand, there were many swing moves in ETH/BTC due to a solid rise in bitcoin price. At present, the pair is stable above 0.0500BTC and it could slowly rise toward 0.0750BTC.

Ethereum Forecast 2018 Daily Chart

Let’s start with the daily chart of ETH/USD that points to a bullish picture in the long term. The pair started a fresh upside wave in November 2017 after consolidating above $200.00 for a long time.

It climbed above a crucial resistance level at $500.00 and even succeeded in breaking the $800.00 level. However, there was no test of the $1000.00 mark, as Ether’s price traded only as high as $867.75.

Recently, there was a sharp downside correction as ETH/USD declined below the $600.00 support level and surpassed the 50 percent Fibonacci retracement level of the last major upside wave from the $275.04 low to $867.75 high.

However, the downside move was protected by the $500.00 level (resistance turned support). The pair is now back in the bullish zone and is currently trading above $700.00. It seems like there is a monster support zone forming above $550.00, which could turn into a major long term support base for Ether.

On the upside, there is a connecting bearish trendline on the same chart with current resistance at $760.00. A successful close above the mentioned $760.00 resistance could open the doors for more gains above $800.00.

Ether Price Analysis Chart

If the current trend gains traction, Ether’s price will most likely accelerate toward $1000.00 during the coming months.

The 4-hour chart of ETH/USD also suggests a positive bias above $600.00. An upward acceleration above $760.00 and $800.00 could set the tone for many more milestones for Ethereum.

Monthly Resistance Levels

$760.00 and $860.00

Monthly Support Levels

$600.00 and $550.00

Daily RSI

The RSI is currently above 50 and remains stable.

Daily MACD

The MACD is nicely moving in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.