Ethereum falls again on Tuesday

ETH/USD

Ethereum markets initially trying to rally during the day on Tuesday against the US dollar but found enough resistance at the $700 level to turn around and fall towards the $680 level. If we break down below the lows of the day, the market is very likely to go down to the $660 level underneath. In general though, you can make an argument for another bounced towards the $700 level, as we have been consolidating recently. While I do think that we go bit lower from here, I don’t necessarily think that there is some type of major break down ready to happen, simply a lack of interest as volumes in the Ethereum markets aren’t exactly stellar these days. That being said, Ethereum has in general outperformed bitcoin.

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ETH/EUR

Ethereum also tried to rally against the Euro during the day on Tuesday but found enough resistance at the €590 level to turn around and fall somewhat. The market has found a short-term support level at the €570 level, but I think that there is more support at the €550 level underneath. Ultimately, this is a market that I think will continue to see a lot of choppiness, but this is a market that has an overall consolidated of tone to it, with the €620 level above being the ceiling. If we were to break down below the €550 level, then the market could unwind rather drastically. I think the one thing you can count on is a lot of back-and-forth though, and that’s essentially what I am looking towards. With that in mind, I would let the market go a bit lower before trying to buy it.

ETH/USD Video 23.05.18

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