ETH/USD
Ethereum markets went back and forth during the trading session on Tuesday, as we were reaching towards the $400 level. The market doesn’t seem to have much in the way of momentum, so I think we are essentially in a “wait-and-see pattern.” If we rally at this point, I suspect that the $425 level will be resistance. If we pull back from here, there should be plenty of support underneath that the $360 level, but overall it seems as if the longer-term attitude of crypto currency markets is a “sell the rallies” situation. Ultimately, I believe that will continue to be how crypto currencies behave in general, as there has been such destruction to the bullish attitude previously found.
ETH/EUR
Ethereum was choppy against the Euro as well, as we find ourselves in the middle of an obvious consolidation area with the €350 level at the top being resistance, and the €290 level on the bottom being support. When I look at this chart, I recognize that there is a 50-50 chance as to where we go next, and I believe that we will continue to find a lot of volatility. I would be more interested in selling near the €350 level, as it has shown to be massive resistance. The market breaking down below the €290 level would be a very negative turn of events, allowing the market to unwind down to the €250 level. If we break out to the upside, we could go as high as €400 above, which of course is a large, round, psychologically significant number.