ETH/USD
Ethereum markets tried to rally during the week but found enough resistance at the $600 level to turn around and fall significantly. We ended up forming a shooting star for the week, which of course is a very negative sign. It looks now that we will try to break down below the lows of the previous week, meaning that it could open the door to the $400 level. If we can break above the top of the shooting star for the week though, that would be a very bullish sign and could have this market looking towards the $700 level. This market has been very choppy and negative as of late, and although this week was quiet in comparison to some of the others, it still looks decidedly negative.
ETH/USD Video 26.03.18
ETH/EUR
Ethereum markets also tried to rally against the Euro but struggled at the €490 level. I think by forming a shooting star, it suggests that we are going to make a serious attempt at breaking down below the €400 level, which has been a massive resistance barrier in the past. If we break down below that level, the market probably goes down to the €300 level next, an area that was also supportive in the past. The market continues to look very soft, and at this point it’s not until we break above the €500 level that I would be comfortable buying from a longer-term standpoint. This type of market is one that it’s probably best left alone, at least until we get some type of leadership coming out of Bitcoin.
