ETH/USD
Ethereum markets rallied a bit during the trading sessions that make up the previous week, but it looks like the $900 level has offered enough resistance to turn things around and form a bit of shooting star. Because of this, it’s very likely that we will drop towards the €800 level, but I expect to see plenty of support between there and €600. The hammer that formed a few weeks ago shows that there are plenty of buyers underneath, so keep that in mind. I think that longer-term, people are looking to buy and hold, but we are clearly not ready to go anywhere with this lack of volume.
ETH/USD Video 05.03.18
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ETH/EUR
Ethereum markets also tried to rally against the Euro but gave back most of the gains to form a shooting star that sees a significant amount of resistance at the €725 level. By doing so, it looks as if the market is ready to drift a bit lower, perhaps the €650 level, and then the €600 level. The market breaking below the €600 level would have the Ethereum sellers jumping in and testing the €450 level. There’s almost no volume in this market though, so we very well could have that happen. Alternately, if we were to break above the €800 level, that would be very bullish and send this market much higher, perhaps testing the highs again. Right now, it doesn’t look very likely to happen in the short term.
This article was originally posted on FX Empire