ETH/USD daily chart, May 09, 2018

Ethereum falls on Tuesday as crypto currency markets struggle


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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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.

ETH/USD Video 09.05.18

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