Ethereum markets struggle again going into the weekend
ETH/USD
Ethereum markets fell a bit during the day on Friday, as we continue to struggle overall. We are hovering around the $600 region, but it’s obvious that we have taken a turn for the worse as far as Ethereum strength is concerned. Looking at the longer-term charts, they are also very negative against the US dollar, which of course is one of the best performing currencies in the world right now. I don’t see this changing anytime soon, and I think that we will continue to see plenty of opportunities to pick up value in the greenback when we rally.
Your capital is at risk
ETH/EUR
Ethereum also struggled against the Euro as you would expect, reaching down towards the €500 level. That’s an area that of course is psychologically important due to the large round figure, but ultimately it is a sensually the center of the overall consolidation that we are in. The €470 level was on the bottom, while the €530 level seems to look like the top. We have been in a downtrend, and quite frankly most the time we get some type of consolidation it is a pause before we continue the overall trend. I anticipate that the markets will continue to go lower, perhaps reaching towards the €400 level, but we may get the occasional bounce that you can take advantage of the start selling yet again. I have no interest in buying Ethereum right now, as it looks far too soft and I would need to see several days of strength to be convinced.