Ethereum falls for most of the week but show signs of support

ETH/USD

Ethereum markets fell significantly during the week, reaching down to the $500 level before bouncing a bit. The candlestick of course is a hammer, which of course is a very bullish sign. If we can break above the $600 level, the market should go looking towards the $700 level next. I believe that the market participants are going to be very skittish as we are at a major inflection point. If we break down below the bottom of the hammer, the market could very easily break down to $400 in the blink of an eye as it would be such a bearish sign.

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ETH/EUR

Ethereum markets also fell against the Euro during the week but bounce to form a hammer. The hammer sits just below the €500 level, and if we can break above the €500 level, the market will be free to go looking towards the €600 level after that. I believe that the market is going to be very important to watch, as the Euro is soft in general. If that’s the case, the market should continue to go higher. Otherwise, if we break down below the bottom of the hammer, the market could go down to the €400 level, and then perhaps a break down below that level should send this market down to the €300 level. I expect a lot of noisy conditions, but longer-term participants may be looking at this as a potential buying opportunity.

ETH/USD Video 04.06.18

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