Ethereum Analysis for December 8, 2017
Ethereum rallied rather significantly during the trading session on Friday, reaching as high as $450, but ran into significant resistance. As we consolidate between the $425 on the bottom, and $450 on the top of the short-term range, I suspect we are going to continue to see choppy conditions. I do however feel that Ethereum will continue to strengthen longer term. Use these dips as potential buying opportunities.
With the world focusing on the volatility and Bitcoin, it’s not a surprise that this market rallied significantly during the trading session, but then rolled over again. The downtrend is very much intact, and at this point I think we are going to revisit the lows. The 0.03 level has in fact held as massive resistance as we thought it could yesterday.
Thanks for watching, see you again next time.