Ethereum markets rolled over a bit during the trading session on Monday, reaching below the $1000 level again. By breaking below what should have been supportive action, it looks as if we will probably continue to drop. The $800 level underneath coincides nicely with an uptrend line that has been supportive, so I think that the market will find a bit of support in that area. If we break down below the $800 level, then I think that Ethereum will go looking towards the $600 level next, which was massively supportive in the past. Keep in mind that the $800 level was where we had bounce from, and there was a significant amount of volume in that area, meaning that it will take a bit of momentum to finally break down.
That being said, we have bounced and now it’s going to be a 2nd attempt if we get down there. That typically has much more of a chance to succeed than the initial attempt. As far as buying is concerned, I don’t have much in the way of interest, unless we can break above the $1150 level, and do so with a significant amount of volume, something that we have not seen to the upside in quite a while. What’s even more concerning is that the US dollar has been selling off during the day in the Forex markets, and it hasn’t even helped the crypto currency markets, which is a very bad sign indeed. I think we go lower at this point.
