Ethereum markets rally on Tuesday

ETH/USD

The Ethereum markets fell over the last several sessions, but Tuesday was a bit of a different case as we bounced rather hard. However, the market has plenty of resistance above, especially near the $600 level. I’m looking for signs of exhaustion to start selling, and I think it’s only a matter of time before we roll over and go lookin

g towards the $500 level again. It makes sense that the market may need to attack the $500 level several times to break through, as it is a large come around, psychologically significant number. If we can break down through the $500 level, the market will more than likely go looking towards the $450 level.

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ETH/EUR

Ethereum markets have bounced against the Euro as well, with the €500 level above offering a significant amount of resistance extending to the €525 level. Any rally at this point should see selling opportunities relatively soon, and especially at the first signs of exhaustion. I think that the market will probably continue to see sellers jump into this market, reaching down to the €420 level underneath. Overall, market participants should continue to look at this as an opportunity to sell, because there is so much resistance above, and we are obviously in a downtrend. Use this bounce as another opportunity to load up on shorts, as it is most certainly the easy trade when it comes to crypto currencies as of late. Ethereum won’t be any different and should continue to be a “sell the rallies” market.

ETH/USD Video 30.05.18

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