Ethereum Price Analysis (ETH/USD) August 29, 2017

on Aug 28, 2017
Updated: Oct 16, 2019

Ethereum price initially fell significantly on Monday, slamming into the $335 level.

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This level has been important more than once on this chart, and you can see that we formed a hammer as we tested that level. The hourly hammer was the beginning of the bounce from there, and it now looks as if the market is going to try to continue to reach to higher levels.

The initial resistance at the $350 level makes a lot of sense, as it is a large, round, psychologically significant number. I believe it is only a matter of time before the market tries to reach that level, so therefore I like buying dips going forward, which is generally how I feel about most crypto currencies.

US dollar weakness

The US dollar continues to show weakness, and I believe that is probably going to continue to be the way forward. If that’s the case, crypto currency should continue to benefit. With this being the case, I look at short-term dips as buying opportunities in small increments.

Once we get above the $350 level, I expect that the next target will be closer to the $375 level. The market certainly seems to be in a strong uptrend, so selling isn’t even a thought, even if we break down below the $335 handle as I see several supportive levels underneath.

The lower this chart goes, the more likely it is to offer value, and I think that’s how most traders feel: buy on the dips. Because of this, I think that it is only a matter of time before we break out to the upside, and long-term traders are looking to hold on to their positions.

There’s nothing in the Forex markets that suggests that the US dollar is about to suddenly strengthen, so I think it’s only a matter of time before crypto currencies gain significantly.

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