Do you wonder about cryptocurrency like I do? Have you jumped on the bandwagon like I have? If so, keep reading. I want to give you my Ethereum price prediction for the near term.
Cryptocurrency popularity has exploded in recent years. One could argue that it has done so even more in the last two or three months. This is also when I jumped on the bandwagon: about 2 months ago.
Let’s face it, it is here to stay, at least for the near term. There are now big money players betting on the direction of Bitcoin, and the second most popular crypto, Ethereum, seems to be tagging right along.
If you are interested in my Bitcoin analysis, check out this article. But for now, we are going to discuss Ethereum (ETH), because I am playing both: Bitcoin (BTC) and Ethereum (ETH).
Ethereum price prediction?
The moment you’ve all been waiting for *wink wink*!! My Ethereum price prediction for the near term. Drum roll please!
Here we go…
If you open up the chart above, you will see that I have two resistance zones marked out. The first zone between $666 and $682, I drew when ETH was below $600. It hit that zone three days ago, and has reacted. The reaction at the zone tells me it is legit. It tells me that other traders are watching the same areas.
Pullbacks are to be expected whenever anything (stocks, forex, futures, crypto, etc) hits a resistance or support area. So this current pullback is no surprise or exception.
Now look at the second zone above the first one, between $705 and $715. It is my belief that we head to that area. The only question is when!? Will it happen before the end of the year… tomorrow… or maybe February? Who knows! But my sites are set there for the time being.
If trading were easy, everyone would do it. There are lots of variables that could cause ETH to drop well below that second zone’s “invalidation” level. That “invalidation” level is $530. What I mean is, if ETH drops below $530, that second zone is no longer valid. That’s the way my strategy works.
So, until that second zone is hit, or until the invalidation level is broken, my target will remain at least $705. I will hold my current position for now, and I might add to it fairly soon.
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