Ethereum markets have another rough weekEthereum markets fell significantly during the week, breaking down through a couple of signs of support. Because of this, I think that we will continue to see softness in this market, and it’s a one-way trade: lower.
The Ethereum markets fell against the greenback during the trading week, breaking through the bottom of a couple of hammers on the weekly chart. That’s an extraordinarily negative sign, and it shows that we will continue to struggle to find any signs of strength. I think that the markets will continue to be very noisy in general, but certainly with a negative attitude as we cannot seem to get significant momentum to the upside. That being said, is very likely that the $400 level underneath could be significant support. If we were to break down below that level, this market will probably collapse for the longer-term.
Ethereum markets fell against the Euro during the week as well, breaking down to the €500 level and only finding support once we reached the psychologically important level. It looks as if the market is ready to go lower overall, because we have just broken through the bottom of a couple of hammers, which is a very negative sign to say the least. If we break down below the bottom of the candle for the week, it’s likely that we could go down to the €400 level after that. Ultimately, if we rally for any length of time, we should see plenty of resistance at the €600 level to keep the market going lower. Overall, I think that the market will continue to see plenty of favoritism for the Euro, as crypto currencies in general continue to struggle. Ethereum of course won’t be any different as the crypto mania seems to be fading.