Ethereum markets quiet during Tuesday session

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Updated: Apr 18, 2018, 06:04 UTC

Ethereum, much like Bitcoin, did very little during the trading session on Tuesday. Perhaps this is a reaction to the move higher that we had seen over the last couple of sessions, as traders trying to catch their collective breath.

ETH/USD

Ethereum went sideways against the US dollar during trading on what would have been a very quiet Tuesday session. It looks as if the $500 level is going to offer support, and I think if we can stay above that level, the market will finally go much higher, perhaps reaching towards the $540 level and breaking above that minor resistance barrier. Once we do, the market could go to $600 rather quickly. The alternate scenario of course is a breakdown below the $480 level, which would send the market looking towards the $425 level next. I think that Ethereum will follow Bitcoin as it typically does, so pay attention to that market as well.

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ETH/EUR

Ethereum also was quite against the Euro, as the crypto currency markets in general were quiet. The €400 level underneath offers support, and a breakdown below that level could have the market looking for the €350 level next, but I believe that the support is holding, and we could go towards €440, and a break above there could even have the market looking for the €500 level. Pay attention to the ETH/USD pair, because if it breaks out of the levels that I had mentioned, that should drag this market right along with it. If we do break down, I think it will be a simple rebalance and people will be looking for value underneath to take advantage of what could be a nice base of support that had been formed during the previous week. Obviously, most crypto currency markets will continue to move in tandem.

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ETH/USD Video 18.04.18

About the Author

Christopher Lewisauthor

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.