ETH/USD
Ethereum markets broke down significantly during the trading session on Monday, breaking down below the $500 level. Ultimately, the market has a significant amount of support down to the $400 level, but I think that is a massive support barrier that could bring in buyers. If we break down below there, the market will unwind down to the $300 level. I have no interest in buying this market though, because I think that any bounce will continue to be sold as crypto currencies are nothing short of toxic. If we did break above the $600 level, I might be convinced at that point, but it seems as if Ethereum cannot find any type of footing.
ETH/EUR
Ethereum markets broke down against the Euro as well, breaking down below the €400 level. I think that there is plenty of support down to the €350 level though, but we are down 7%. I think that every time we rally, there will bring more selling, because we have so much in the way of negativity. It’s not until we break above the €500 level that I would feel comfortable buying. Ultimately, if we rally I think that it will offer more opportunities for short-sellers. If we can break down below the €350 level, I think the market breaks down to the €300 level, and perhaps even down to the €250 level. This is a marketplace that continues to be negative overall, so I expect that to continue to be a major driver of this market. At this point, I’m not sure what turns things around.