Ethereum markets very noisy during Thursday session

ETH/USD

Ethereum markets fell against the US dollar, reaching down to the $540 level before bouncing again. However, this is a market that is most certainly in a downtrend over the last several days, and I think it’s only a matter of time before the sellers get involved. It will be interesting to see how this plays out, as to whether we can break down below the $500 handle. If we do, that would be of course be a very negative sign. Alternately, we could break to the upside and restore $700, but we would need to clear the $625 level before that happens, something that looks like it could be a bit difficult.

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ETH/EUR

The Ethereum market also fell against the Euro, reaching as low as €460 during trading on Thursday before bouncing towards the €500 level. The level of course has a certain amount of psychological importance to it, so it’s not a surprise to see that we have struggled there. I think we could break down below again, perhaps reaching down towards the €400 level next. I think that rallies at this point are going to be very difficult to take advantage of, and much easier to fade as they show signs of failing. The €600 level above is the absolute “ceiling” of the market, and I think that the market will struggle mightily to finally break above there. In fact, I think we are going to see more selling than anything else.

ETH/USD Video 25.05.18

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