This is interesting. We identified last week the $200 USD as being of critical importance for Ethereum’s bull market. That is because the price of Ethereum has an important support level in its chart pattern.
We do not use any Fibonacci or technical techniques to come with our forecasts.
Interestingly, an analyst specialized in Elliott Wave forecasting techniques came with exactly the same conclusion as we did, in this article on fxstreet.com. The chart below was created by that analyst, it is not ours. The conclusion of the analyst is that the price of Ethereum can drop till $200 and still be in a bull market. What is likely to happen, if that drop takes place, is that the next rally will bring Ethereum to at least the $615 level.
That latter insight comes very close to our own project as well. We wrote several months ago, based on our own forecasting method, that Ethereum would reach $500 in 2017.
This is an interesting case which highlights how our simply forecasting methods are confirmed by more complex mathematical methods. Let’s see now whether our forecasts will be achieved, and when.