ETH/USD
Ethereum markets fell initially during the day on Monday, reaching down towards the $700 level. We did bounce a bit from there but seem to be attracted to the $700 handle in general. I recognize the $740 level above as resistance, while the $650 level underneath is offering a significant amount of support. I believe we continue to see a lot of back-and-forth type of action, but at this point I would have to say I am a bit cautious about buying and believe that we could see sellers on rallies more than anything else. If we did break above the $740 level, it’s likely that we could go to the $800 level.
ETH/EUR
Ethereum markets also fell against the Euro, breaking through the €600 level and reaching down towards the €580 level. That’s an area that was resistance previously, and it should now be supported. I think that there is more than enough support extending down to the €540 level to keep this market somewhat afloat, but it looks as if the $620 level above is going to offer a significant amount of resistance, so I think essentially we are looking at what is going to be a very noisy situation to say the least, and I think that we will probably be in a somewhat dangerous pattern, and I would keep my position size rather small in the meantime. However, we can break out of this range mentioned previously, then we could start to put more money to work.