I forecast the price of ETHUSD to reach around 2000 USD sometime in the beginning of February. This is based on the moving average line of 20-day periods and one 54% and three 66% growth boxes. This chart has daily candles and various channels and support lines overlain.
We expect to see continued Ethereum application development and blockchain adoption for the rest of the year, increased recent growth and development progress, and the fact that it seems to behave in an exponential fashion due to the nature of its spreading adoption in the blockchain community and worldwide. Who knows what will happen the rest of the year with Casper and scalability fixes (sharding, etc.).
Key: Plotted on a logarithmic y-axis scale. Dark red lines are approximate long term and shorter term support levels. Lighter blue line is the moving average overlay. Light green is the growth channel since November 2017.
Check my past price predictions for BTC and ETH. I have been correct with all of my ETH and BTC predictions so far and wrong with only LTC and BCH breakouts. I've added a few new tools to this than in my past ETH EOY analyses, and I am not sure if this will play out like I want it but still holding my ETH!
Good luck to all!
Personal disclaimer:
Don't take any of my published ideas as reality. Always make educated decisions before doing anything with your investments. Use my charts for educational purposes only. Trade at your own risk.
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A correction to the ~900 USD levels in the next weeks would not invalidate this idea, but would be a healthy way to confirm it.
I'm also super bullish on ETH for this year and think $2000 is not far off. Even $3000 before EOY would not surprise me one bit. Only thing that makes me hesitate looking at current charts is that we have already had three very clear waves up so, we may be in for a bit longer correction/consolidation pattern for the moment before the next bigger moves.
copa1079
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@Filouman, For sure man, who knows! Why would only three waves be the limit for month-long timescales though? I am not experienced with wave analyses is why I ask.
copa1079
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@Filouman, How big a correction are you talking, because a correction to the ~900 USD levels would not invalidate this idea, just likely further confirm it. See how the moving average didn't change much during the 12/22 red candle?
Filouman
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@copa1079, Three waves not set in stone of course, but according to Elliot Wave theory we usually see sets of three waves before broader correction pattern forming. But yes, I agree a pullback to $900 would not invalidate bullish outlook on longterm and would still be considered healthy correction/consolidation... I'm actually hoping it *doesn't* go that low, but in case it does, I'll be looking to buy more. ;-) I've been in since just under $300 as well, with a few trades along the way to increase my holdings on the way up so feeling pretty happy so far!