Ethereum falls as crypto currency loses luster on Wednesday

ETH/USD

Ethereum markets fell during the trading session on Wednesday, reaching down towards the $600 level where we started to see buyers jump back into the market. I think that the market probably comes back though, and that this area should extend support down to at least the $575 level. If we were to break down below that level, then the market probably goes down to the $500 level. At that level, it is a large, round, psychologically significant number, and that should attract a lot of attention. I don’t have any interest in shorting, not after we have seen the explosive moved to the upside. I think buyers to come in and trying to drive this market towards $750 next, but it may take some work.

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ETH/EUR

Ethereum also fell against the Euro, reaching down to the €500 level before finding buyers. It looks as if we are trying to stabilize in this area, and I suspect that there is plenty of support down to the €480 level as well. I anticipate that the market should go looking towards the €600 level over the longer term, but these pullbacks offer value the people are more than likely waiting on. The market continues to see upward pressure in general though, so I look at this as a value opportunity. If we break down below the €480 level, the market probably goes down to the €400 level next. That being said, I believe that we are much more likely to see buyers jump into this market than anything else.

ETH/USD Video 26.04.18

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