ETH/USD daily chart, May 07, 2018

Ethereum markets initially rally but struggle on Friday


Ethereum rallied over the last several sessions during the week, but Friday was a bit different as we struggled at the $800 level to find sellers. By doing so, we reached down towards the $760 level, an area that could be support. However, even if we break down from here I think there’s even more support at $700 level, so gives us an opportunity to pick up value on these pullbacks. The $700 level being broken to the downside would cause the entire situation to become a bit cloudier, but I think that ultimately it looks as if Ethereum will lead the way for other crypto currency markets.

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Ethereum fell against the Euro during the session on Friday after initially tried to rally, with the €680 level being resistive enough to turn this market around. I think that the €600 level is a significant amount of support, so I would look for some type of bounce from that area to pick up value in this market. That will be exacerbated by the EUR/USD pair falling, as the EUR continues to struggle overall. If it sells off in the Forex world, it will more than likely sell off in the crypto currency world as well. Ethereum has been a leader over the last several sessions, and that means that as the EUR falls, that should push this market up much quicker than many of the other crypto currency markets that we follow here at FX Empire, so pay attention to both currencies.

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ETH/USD Video 07.05.18