Ethereum markets went sideways during trading on Thursday, as we hang about the $380 level. This is a market that’s trying to form some type of base, but quite frankly crypto currencies continue to struggle in general.
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.
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.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.