Ethereum bounces slightly during the Friday session

Ethereum markets bounced a bit during the day on Friday, showing signs of a bit of a “relief rally” as we have sold off a bit stringently over the last couple of weeks. Ultimately, I think that sellers are going to be coming back relatively soon. · FX Empire

Christopher Lewis

Updated Fri, May 18, 2018, 11:31 PM

ETH/USD

Ethereum markets have bounced a bit during the trading session on Friday, reaching towards the $680 level before showing signs of exhaustion. I believe that the $660 level underneath is support, but I would not be surprised at all that we would go below there. Ultimately, I think that the market will continue to be very noisy, but I think there is still plenty of negative pressure in this market that should send it lower. I don’t like buying crypto currencies now that we have started to see the rollover on the longer-term charts but would change my mind if we could make a fresh, new high.

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ETH/EUR

Ethereum also bounce against the Euro during the day, reaching towards the €585 level before running into a bit of resistance. This is an area that has been support in the past, but typical market memory should come into play, and I think we will see sellers jump into this market. If they don’t, then we could reach towards the €600 level, an area that should be even more resistive. I think that there are a lot of small resistance barriers on the way out, so it’s likely that we will continue to see this market struggle overall. I think that the market will more than likely drop towards the €550 level underneath, which has been much more important on the longer-term charts. A break down below there could send this market down to the €500 level. On a breakout to the upside, then I believe that the €625 level would be the target.