Ethereum falls during the week
ETH/USD
Ethereum fell during the week, reaching down towards the $620 level. This is an area that has seen a bit of support recently, so it’s not a huge surprise to see a bounce from there. If we can break down below this level, the market probably unwinds towards the $500 level, perhaps even the $400 level. I think that in general though, we could get a bit of a consolidation area forming right around the $700 handle. I do not like buying this market for any significantly at the time, at least not until we break above the $800 level. This market has bounced nicely as of late, but there is the concern of Bitcoin breaking, that could cause a bit of downward pressure overall.
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ETH/EUR
Ethereum has fallen against the Euro as well, reaching below the €600 level. I think that the market will probably continue to get a bit lower, looking for support just above the €500 level. If we can break down below there, the market could go lower. I think that the €700 level above is massive resistance, an area that has shown itself to cause issues in the past. If we were to break above there then I think we could go to the €800 level. However, I think that this is an area that will continue to offer a lot of trouble, so i.e. would anticipate more selling once we get closer to that area. I believe that it’s easier to trade this market from the short term considering we are so close to this area.