Ethereum continues to drift lower on thin trading

ETH/USD

Ethereum markets initially tried to rally during the trading session on Friday but found enough resistance near the $410 level to turn things around and show signs of weakness again. I think that the market will more than likely find a lot of trouble, as the Ethereum markets have looked horrible as of late. I think the $350 level underneath will probably be a certain amount of psychological significance, but if we break down below there this market will unwind quite drastically. I think that if we were to break above the $420 level, the market could go higher, especially near the $450 level, or even the $460 level.

ETH/EUR

Ethereum markets rallied initially during the day on Friday but found enough resistance near the €340 level to roll over and show signs of weakness yet again. I think that the market will probably reach towards the €300 level and could perhaps even break down below there as well. If we were to break down to a fresh, new low, I think that the market would probably unwind down to the €250 level next. Ultimately, I think that any rally at this point is going to struggle, especially near the €360 level. All things being equal, I don’t know that I have any interest in buying this market, least not anytime soon as the downtrend has been so relentless. If the EUR/USD pair broke to the upside, that will probably only put more pressure on this market as it would show that the EUR is strengthening overall.

ETH/USD Video 02.04.18