Ethereum markets struggle again going into the weekendEthereum markets fell again during the Freddie session, as we go into the weekend. It is a situation that looks like it is going to continue to be negative overall, and I think that it’s a pretty simple markets to deal with, you become a seller.
Ethereum markets fell a bit during the day on Friday, as we continue to struggle overall. We are hovering around the $600 region, but it’s obvious that we have taken a turn for the worse as far as Ethereum strength is concerned. Looking at the longer-term charts, they are also very negative against the US dollar, which of course is one of the best performing currencies in the world right now. I don’t see this changing anytime soon, and I think that we will continue to see plenty of opportunities to pick up value in the greenback when we rally.
Ethereum also struggled against the Euro as you would expect, reaching down towards the €500 level. That’s an area that of course is psychologically important due to the large round figure, but ultimately it is a sensually the center of the overall consolidation that we are in. The €470 level was on the bottom, while the €530 level seems to look like the top. We have been in a downtrend, and quite frankly most the time we get some type of consolidation it is a pause before we continue the overall trend. I anticipate that the markets will continue to go lower, perhaps reaching towards the €400 level, but we may get the occasional bounce that you can take advantage of the start selling yet again. I have no interest in buying Ethereum right now, as it looks far too soft and I would need to see several days of strength to be convinced.