Ethereum struggles on Monday

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.

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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.

ETH/USD Video 15.05.18

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