Ethereum markets fell initially during the trading session on Friday but then bounced enough to show signs of hope, only to roll over again and show signs of exhaustion. This is a market that looks extraordinarily broken, and I think Ethereum will continue to struggle.
Ethereum markets fell against the US dollar initially during the trading on Friday, showing signs of raking down, but found a bit of a bounce at the $650 level. By bouncing from there, the market then rallied towards the $700 level, and then selling off yet again. This market continues to look very broken, and it’s not until we break above the $780 level that I think there’s any chance to buy this market. I suspect that it is likely that we are going to go down to the $600 level next, and then eventually the $500 level. I believe that Ethereum is completely broken at this point.
The Ethereum market has broken down during the trading session on Friday against the Euro, slicing down towards the €525 level, then bouncing significantly towards the €580 level, and then rolled over again. I think that this market is going to continue to find lower levels, perhaps targeting the €525 level next, followed by the €500 level. If we were to break above the €640 level, then I think you could start to buy this market, but at this point I think it’s very unlikely to see that happen, as the Ethereum markets look completely broken, not only from a shorter-term outlook, but also from longer-term charts as well. This market continues to be very negative, and I think that’s going to continue to be the case with most crypto currencies. You simply cannot lose 25% of value in a week and expect traders to keep coming back.
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.