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ETH/USD
Ethereum markets drifted lower during the day on Friday, losing 1.5% as the Europeans went home and the Americans took over. The market looks as if it is going to continue to test the $850 level for support, an area that has been somewhat reliable. Even if we break down below there, the market will probably continue to find buyers underneath. I think that the market is a bit sluggish currently, as volume is very soft. I think that the $800 level underneath is massively supportive, just as the $900 level has been massively resistant. Short-term pullback should offer buying opportunities.
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ETH/USD Video 05.03.18
ETH/EUR
Against the Euro, Ethereum struggled a bit, losing even more. We tested the €690 level but have bounced since then. By breaking through the €700 level, it looks as if we could go bit lower, perhaps down to the €675 level next. I recognize that the market is struggling to break above the €725 level, so that’s the obvious “ceiling” on short-term trading. In general, I believe that the market will continue to see a lot of noise, but if we can break above the €725 level, the market could go much higher, perhaps reaching towards the €750 level, and then the €800 level. Otherwise, if we break down below the €675 level, the market probably drops to the €640 level, an area that has seen massive support recently. It does seem to favor the downside right now, but I’m not looking for some type of breakdown, just a grind lower. If we break out, it’s going to take even more effort than simply sliding sideways or lower.
This article was originally posted on FX Empire