Ethereum falling on Thursday, no end in sight

ETH/USD

Ethereum markets broke down during trading on Thursday, slicing through the $440 level, an area that had offered a bit of support lately. I believe that the market will continue to look a bit rough, but at the end of the day, I find it very difficult to try to trade to the upside. In fact, if the $400 level gets broken through, it’s likely that we could go down to $350. Ethereum has been beaten up rather significantly lately, and Thursday saw the market drop 8% by the time the Americans woke up. This is not the way a healthy market reacts, but it does offer plenty of shorting opportunities on rallies. Currently, the $450 region looks to be massive resistance.

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ETH/EUR

Ethereum markets broke down rather significantly during Thursday against the Euro as well, breaking below the €350 level, and reaching down towards the €325 level by the time the United States jumped on board. This point, I think that the target is probably €300, and any rally in this market, just as many other crypto currency markets, is going to be a reason to start selling. I suspect that the €360 level is massive resistance and will be very difficult to break above.

While Ethereum is not alone when it comes to breaking down, Ethereum has been especially hard-hit lately, and this does not look to be slowing down. If you have the ability to start shorting this market, I would do so every time it rallied, at least until we broke above €400, something that does not look likely to happen anytime soon.

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ETH/USD Video 30.03.18