ETH/USD
Ethereum markets went sideways in general during the trading session on Thursday, testing the $380 level. Ethereum continues to suffer at the hands of sellers, just as all crypto currencies seem to. I believe that the overall attitude of the market is going to continue to be one that is negative towards rallies, because quite frankly I don’t see a catalyst to send the markets higher. If we were to break down below the $360 level, I think that Ethereum will naturally reach towards the $350 level. If we break down below there, then the market could unwind rather quickly. Rallies will continue to be contained at the $420 level in the short term.
ETH/EUR
Ethereum markets went sideways in general during the trading session against the Euro as well, as the €320 level will offer short-term resistance, and then the €340 level will offer even more. Currently, the €300 level underneath offers a significant amount of support that extends down to the €290 area. A breakdown below there could unwind this market rather significantly, down to the €250 level. I believe that Ethereum will continue to follow Bitcoin, which quite frankly sells off every time it looks as if buyers are interested again. I like the idea of selling rallies, but a move above the €370 level could change the attitude overall, sending this market towards the €400 level. Ultimately though, I think that’s very unlikely, so look for signs of exhaustion to take advantage of yet again. Expect volatility, with a downward slant.