Ethereum markets fell to open the week, testing the $700 level, an area that has been resistance in the past. This was the top of the ascending triangle that had been so prevalent in the market, and I think that we could have value hunters coming back into the market. However, if we break down below the $650 level, then perhaps the uptrend will get crushed. If we break down below that level, I anticipate that we will go down to the $600 level underneath, which is massive support in its own right. Otherwise, if we bounce from here I anticipate that we are going to go to the $800 level.
The Ethereum markets fell significantly during the trading session on Monday against the Euro as well, reaching towards the previous resistance level of the ascending triangle on the hourly chart, the €580 handle. I think that the market should continue to find buyers in this general vicinity, but if we were to break down below the €540 level, I think we will drop to the €500 level. A breakdown below that level has this market unwinding rather drastically. As I record this, it looks as if we will probably have buyers command, and if we can break above the €620 level, I think we then go to the €700 level. Ultimately, I think we are at a major decision level for this market going into the future.