Ethereum tries to rally, but gets pummeled on Monday

By:

Updated: Apr 10, 2018, 04:55 UTC

As with all crypto currencies, every time Ethereum rallies, and brings out fresh selling. While the weekend was somewhat positive, this shows a major dichotomy: during the weekend of retail traders continue to hope and pray that it goes higher, only to get pummeled as soon as larger money comes into the market.

ETH/USD

The Ethereum markets tried to rally during most of the weekend, and even reached as high as $430. However, we found enough resistance there to roll over and drop drastically. By the time the Americans came on board, we were negative again, and there’s not much to get me excited to buy Ethereum, as most crypto currencies have no momentum to the upside. Ethereum won’t be any different, especially considering it has underperformed Bitcoin over the last several months. The market breaking down below the $350 level would be a fresh, new wave of punishment.

Get Into Ethereum Trading Today

ETH/EUR

Ethereum fared no better against the Euro, as the €350 level offered enough resistance to roll things over. By doing so, the market reached below the €325 level during the day and will more than likely reach towards the €300 level after that. With the EUR/USD pair consolidating in general and makes sense that this pair should consolidate. However, it’s not and that tells me just how soft Ethereum is. There is no reason to buy Ethereum against either the Euro or anything else at this point. Ultimately, the recent rally over the weekend was nothing but retail traders who are “true believers” in the crypto currency markets putting money to work, but as the large firms jumped on board, they started shorting in mass. I have no interest in buying and believe that the Ethereum markets are even less enticing than the Bitcoin markets.

Buy & Sell Ethereum Instantly

ETH/USD Video 10.04.18

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.