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ETH/USD Forecast: Looks for Momentum to Break Above $2000

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • Ethereum did rally a bit during the trading session on Monday, but we still see the $2,000 level above acting like a bit of a psychological, if not structural barrier.
  • I'll be paying close attention to the $2,000 level because if we can get a daily close above there, and if Bitcoin is rallying at the same time, then maybe, just maybe you can make an argument for some type of continued bounce.
  • Ultimately though, I think Ethereum is still going to be at the whim of risk appetite, which is pretty poor at the moment.

And as a result, I don't like the idea of getting involved in a huge position. That being said, if you are a longer term believer in cryptocurrency, and crypto space, then it makes a lot of sense that you might try to pick up Ethereum at these very cheap and low levels.

Ethereum is the Back Bone of Many Others

ETH/USD Forecast Today 18/03: Looks for Momentum (graph)

After all, this is a market that represents the backbone of lot of alternative coins, and therefore, there are a lot of other ecosystems that will be directly tied to what's going on in Ethereum. Ultimately, you have a situation where a lot of people are going to be looking at this $2,000 level as a massive signal.

And if we can turn around and really start to rally from here, it's likely that we could go looking to the $2,200 level initially, followed by the $2,400 level. It is worth noting that the 50-day EMA sits right at the $2,400 level. The $1,800 level underneath could be a bit of support, but I think breaking down below there could signify very, very ugly things in the Ethereum market. So, I'm watching. It's definitely an interesting spot.

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Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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