Ethereum tries to rally on Monday, but fails at resistance

Bitcoin recovered from a start of a day sell-off this morning as investors look for direction following Wednesday’s sell-off. A move back through to $7,000 levels would be needed to reassert a bullish trend. · FX Empire

Christopher Lewis

Updated Mon, Apr 2, 2018, 11:22 PM

Ethereum markets tried to rally initially during the day on Monday but struggled as we got close to the $375 level. More importantly, the $400 level just above looks to be very resistive, and I think it’s only a matter of time before the sellers come in and push this market even lower as that will obviously be a large, round, psychologically significant number. A break above that level would be a good sign, perhaps freeing the market to go to the $420 level, an area that has been resistance in the past.

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The alternate scenario, and quite frankly more likely at this point, is that we roll over and continue to go lower. A break below the $380 level should send this market looking for the $360 level again. I believe that the downtrend is still very much intact, but we may enter a phase of consolidation, as we try to build up momentum for the next move. A breakdown below the $360 level will more than likely have this market looking for the $350 level, as it is a large, round, psychologically significant figure. I also believe that breaking below there could open the door as low as $300.

Typically, when a bubble forms you need to see a lot of the “hot money” rollout of the market to continue the longer-term uptrend. Sometimes this can take quite a while, and I believe this is what the crypto currency markets are going through right now.

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