Ethereum initially tried to rally against the US dollar on Thursday, but then turned around to form a negative candle. I think at this point, the markets looking ready to reach down towards the $700 level, an area that has been important in the past. If we are to break down below there, I think the market then goes down to the $600 level, perhaps even lower. Alternately, if we turn around and break above the $1000 level, then the uptrend could happen. At this point though, it looks to me like we are going to struggle to rally, and at this point I think Ethereum in trouble.
ETH/USD Video 23.02.18
Ethereum initially tried to rally during the trading session on Thursday, showing signs of rolling over towards the €600 level. That’s an area that has a lot of support underneath it, so that’s my initial target. If we do break down below the €500 level, the bottom will fall out in this pair will crumble. I anticipate that somewhere near the €600 level, the buyers will probably come back, but I would also point out that the volume is very anemic, and that is not helping. Because of this, is very unlikely to reach higher levels easily. I believe that the €800 level is now the “ceiling” in the market, and I think we are probably going to bounce around with very little in the way of bullishness over the next several sessions. I must admit, it looks as if crypto currencies are on the precipice again.
This article was originally posted on FX Empire
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