Ethereum falls on Tuesday as crypto currency markets struggle

Updated : May 9, 2018, 04:30 UTC•1min read

Bitcoin on dollar banknotes. Real coin is on one hundred dollar bills as symbol of hot price or exchange rate

Ethereum markets fell during the session on Tuesday, as crypto currency markets in general struggled. Ethereum has been leading the charge higher, so it makes sense that although it has fallen, it has fallen less than many of the other crypto coins that I pay attention to.

ETH/USD

Ethereum fell during trading on Tuesday, reaching down towards the $725 level, but is starting to stabilize as I record this. The market has plenty of support underneath near the $700 handle, so I think it’s only a matter of time before the buyers return. We have recently seen lower highs, but previously had been very explosive to the upside. I feel it’s only a matter of time before value hunters come back in, so I’m looking for a small bounce is to add slowly to a longer core position. I am not interested in shorting this market until we break down below the $625 level underneath.

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ETH/EUR

Ethereum markets fell against the Euro as well, reaching towards the €600 level. There is significant support at the €580 level as well. I think there is only a matter of time before the buyers come in and pick up a bit of value and try to reach to higher levels. I think that there is a lot of noise above though, so it’s not to be very easy to hang onto a trade if you are over leveraged. This of course means that you should come in with small bits and add as we go long. I don’t like the idea of shorting this pair, least not until we break down below the €500 level, something that we are nowhere near doing currently. The market looks likely to try to build a bit of a base and reach towards the €700 level above.