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ETH/USD Price Forecast December 22, 2017, Technical Analysis
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Ethereum has fallen again during the trading session on Thursday, after initially trying to rally towards the hundred $40 level. We are approaching an uptrend line though, so a battle could be about to happen.

The Ethereum markets tried to rally initially during the trading session but continue to find support near the $840 level above. We rolled over, showing signs of exhaustion, and now we are approaching an uptrend line on the hourly chart. If we can break down below the $725 level, it’s likely that we will continue to go lower, as the strongest candles as far as volume is concerned continue to be negative. This is something that we are seeing in the Bitcoin markets as well, and I think Ethereum is going to behave very much the same. In fact, as a record this it looks like the uptrend line is going to get plowed into, so it’ll be interesting to see what happens over the next 24 hours.

ETH/USD Video 22.12.17

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Remember, volume is going to be an issue, so I think that the fact that we are seeing stronger selling volume than buying volume during this time of year, tells a story that retail traders are starting to cash of the gains in order to buy Christmas presents. The real question will be whether we can pick up volume after New Year’s Day? The futures market excepting Bitcoin contracts were supposed to be a boon for the crypto currency space, driving prices much higher. However, we seen the crypto currency markets stagnate, perhaps showing the fragility of the uptrend, and of course the bubble that has been blown up over the last several months.

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Whether the larger institutions get involved in Ethereum is yet to be seen, but I think that the market currently looks as if it is in a bit of a “wait-and-see” mode overall, now that we are starting to see the lack of volume, and of course a lot of concerns about hacking in various exchanges around the world. If the US dollar rallies, that could be the pen the pops the bubble in the Ethereum market. Otherwise, if we can rally from the $750 region, I think that the market will probably continue to reach towards the end under $50 level after that. Expect erratic movement of the next couple of sessions, retail traders are away.

ETH/USD daily chart, December 22, 2017
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