Ethereum markets relatively quiet on Thursday

ETH/USD

The Ethereum markets went sideways overall during the Thursday session, as we continue to bounce above the $600 level. I think that the market should continue to be rather choppy and directionless, but I look at the longer-term charts and I think that it is very likely that we will eventually find sellers. Ethereum has struggled overall, and I believe that the $500 level causing the market to bounce makes a lot of sense, but in the end it is only a technical move, and not necessarily one that is a fundamental move. If we break above the $650 level, then I would be quite a bit more bullish overall.

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ETH/EUR

Ethereum also when sideways against the Euro and is completely flat as I record this video. The €500 level underneath of course is psychologically important, it will cause a certain amount of support. If we break down below the €480 level, then I think the market could unwind rather drastically, perhaps down to the €440 level and beyond. I believe that there is the possibility that we could go higher from here, and if we break above the €540 level, I think the market could then go to the €600 level. Overall, this is a market that I think continues its sideways action and choppiness, but longer-term I believe that the sellers will return as crypto markets continue to be very soft overall. Although we have made a bit of a bottoming pattern, I believe it is short-lived at the very least, and longer-term traders will take advantage of value in the Euro.

ETH/USD Video 08.06.18

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