ETH/USD
The Ethereum market fell rather significantly during the week, as the $800 level has caused a lot of resistance. When you look at the last 2 weeks, it’s not hard to imagine a massive shooting star based upon those 2 candles. Because of this, I think that the market is ready to roll over from here, testing the $600 level underneath initially, perhaps even breaking down below there to the $500 level. The alternate scenario is that we turn around and break above $800, but right now that looks a bit unlikely. If we did though, that would send the market looking for the $900 level again.
ETH/EUR
Ethereum also fell against the Euro, as €700 has offered too much in the way of resistance. You can see that a few months ago we had seen a lot of noise in that area, and it makes sense that it would offer a bit of resistance now. I believe that the market could breakdown to the €500 level underneath, and perhaps even a breakdown below there could send the market down to the €400 level. I believe that this market is going to continue to find selling pressure, and therefore I anticipate that lower pricing will continue to be the target. The alternate scenario is that we turn around and break above the €700 level, but I think there is resistance extending to the €800 level at that point. Ultimately, I believe that crypto currencies are starting to roll over in general, and this market of course will be any different.