Ethereum Price Forecast – Ethereum falls again on Wednesday
Ethereum markets fell again during the day on Wednesday, dropping down below significant support. It now looks likely to continue going lower, and at this point I think that bounces continue to offer a nice selling opportunities.
ETH/USD
The Ethereum markets broke down a bit during the day on Wednesday, losing another 3% as I record this. I think that the market has plenty of resistance at the $500 level above, and I think if we can stay below that level, it’s likely that sellers will continue to jump into this market. The 50 SMA on the hourly chart seems to be offering a significant amount of psychological resistance, and therefore I think that it is only a matter time before the sellers return if we get close to that area. I believe that the $450 level underneath is going to be a bit of psychological support, but quite frankly I think that gets broken as well.
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ETH/EUR
Ethereum fell against the Euro as well, reaching down to the €400 level, a large, round, psychologically significant number. I think that the market breaking down below that level should send this market down to the €350 level next, which is the next psychologically important level. If we rally from here, I think the 50 SMA will continue to offer resistance as well, not to mention the €450 level above that. Overall, this is a market that continues offer plenty of selling opportunities if you are patient enough to wait for signs of exhaustion. I don’t have any interest in buying this market, at least not until we break above the €500 level above, which seems to be very unlikely right now as we have such a straightforward move lower and a relentless grind to the downside.
