Ethereum markets bounced slightly during Wednesday trading

ETH/USD

Ethereum markets have rallied just a bit over 0.5% against the US dollar as I record this video, but there is a clear batch of resistance just above and focusing on the $600 level. I feel it is only a matter of time before the sellers get involved, and at the first signs of exhaustion I would continue to sell this market as Ethereum has broken down rather significantly. The bounce that we have seen was from the psychologically important $500, something that quite frankly I could’ve told you was going to happen several days before it did as it is such a perfect round number.

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ETH/EUR

Ethereum also rallied against the Euro, reaching towards the €500 level. The market is going to run into a bit of resistance here, and we are already starting to show signs of perhaps breaking back down. He moved below the €480 level opens the door to the €450 region, and that of course below there. We are in a downtrend and there is no reason to fight that. If we break above the €525 level, then perhaps one could start to look for buying opportunities to reach towards the €600 level. Until then though, this is a market that you should sell rallies in and sell the first signs of exhaustion that appear. I believe that the technical bounce makes sense, because we can’t go straight down but it’s obvious that Ethereum has lost a lot of its luster as of late, so therefore I think the buyers should be cautious.

ETH/USD Video 31.05.18

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