Ethereum falls again on Monday

It’s a positive start to the day, with Ripple’s XRP leading the way, though holding will be down to the news wires later in the day. · FX Empire

Christopher Lewis

Updated Mon, May 28, 2018, 9:59 PM

ETH/USD

Ethereum markets fell significantly during the trading session on Monday, reaching down towards the $500 level, which has then started a bit of a bounce. That bounce of course is a good sign that the $500 could mean something, but I think that longer-term it’s likely that we revisit that area and eventually break down below there. Quite frankly, there just isn’t much in the way of buying pressure in this market for more than a few moments. A break down below the $500 level would unwind this market to at least the $450 level, perhaps lower than that.

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ETH/EUR

Ethereum also fell against the Euro, after initially trying to break above the €500 level. We reached as low as €440, and I think we will continue to go even further to the downside. That being said, the Euro itself is struggling a bit as we have major issues coming out of Italy, and of course the bond market from that country. Now that Greece and Italy have imploded in the bond markets, it’s likely that the Portuguese markets could be next. It’s not until we break above the €525 level that I would be willing to put some money to work, at least to the upside. I believe that the bearish pressure should continue, and I think it’s only a matter of time before you make a fresh, new lows again. If we did break above the €525 level, the market could then go to the €600 region.