ETH/USD
Ethereum markets broke down significantly over the last couple of days, reaching down to the $610 level. If we can rally from here, it’s likely that we will see selling pressure rather shortly, and I anticipate that somewhere around the $650 level the sellers will return. Alternately, if we can break down below the $600 level it’s likely that this market will break apart and go much lower. I believe that the US dollar will continue to strengthen through the majority of the summer months, and that of course will have a negative influence on this market.
ETH/EUR
Ethereum markets broke down rather significantly during the trading session against the Euro as well, as one would expect. The €520 level has offered short-term support, but I think it’s only a matter time before we find sellers on a bounce. I believe that the €550 level will be rather resistive above, and I think that any type of exhaustion in that region will get sellers involved in the market, and start pushing much lower. I believe that if we can break above the €550 level, then we could get a more significant rally, but I look at several levels above as being problematic, with the initial one after the €550 level being the €575 level. Ultimately, I think that the overall attitude for crypto currencies is lower. Cryptos are to be sold, and not bought.