- Currently repeating it's previous $413 to $713 price surge
- Should it repeat the pattern, we will see the price settle above $1k, and range to seek another breakout in the second half of January 2018
Ethereum is more convincing looking upward beyond $1000 now, and is starting to repeating it's previous upward swing from $400 to $700. Just as with the previous surge, it was faced with a sudden price decline, last time due to the Bitcoin 17th Dec 2017 crash. If it follows it's previous surge pattern, it's next upward swing around the 21st January 2018.
I like the looks of that but currently Bitcoin is also trend hunting, and that next possible Ether surge may come at the same time that Bitcoin is deciding on price while fluctuating in that 17k-20k pressure range. I've mentioned in previous posts that should Bitcoin range between 17k and 20k, it will either bounce off 20k downwards or push through to 23k. The risk of entering Ether now is that the next price surge would be impacted by any negative movement by Bitcoin and from that standpoint requires cautious entry.
Markets for 2018 so far have been looking at the altcoins for value. Should Ether push upward again regardless of Bitcoin price movements, this would be further confirmation that investors are looking elsewhere, and might make Bitcoin's ascension above 20k more challenging. Mind you, the latest 3h candle is red on Ether at the same time Bitcoin has been showing red candles as well. Coincidence?
To Ethereum and beyond!
In the medium term my view is that it can head towards $1,500. This is based on using the assumption that Bitcoin is in a bull trend. This is the point which makes me enter with caution. Bitcoin clearly still hasn't found direction and with that in mind, I'm buying in small on this one.
But going by price movement in 2018 it's looking good so far for Ethereum. It has yet to show correction price action however to confirm that it has found solid ground above $1000. I would feel more comfortable about he $1500 price tag once it does this.
That being said if it establishes at a higher price level such as $1200, it may then set it's sights on $1,500