ETH/USD daily chart, May 02, 2018

Ethereum markets struggle on Tuesday


Ethereum trying to reach towards the $675 level, but that’s an area that has far too much in the way of resistance to continue going higher. The market has broken down rather significantly, and I think we will probably go down to the $630 level again. I think we will probably not only reach the level but break down towards the $600 level which of course has much more importance attached to it. If we were to rally, I think it would be very difficult to break above the $700 level, which has offered such stingy of resistance. After several days of a slow upward grind, we have changed the attitude of this market rally significantly, and that should not be ignored.

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We also saw Ethereum fall against the Euro, breaking down below the €540 level during the American session. There is significant support below the €500 level, I think that might be where we are trying to get to. I would anticipate a lot of support at the very and perhaps a bounce to, so I think that the buyers will get involved. If we were to break down below the €500 level, the market probably drops down to €480, which is the bottom of that support “zone.” A breakdown below the bottom of that should send this market much lower, perhaps down to the €400 level next. If we do bounce from the €500 level, I anticipate that the €580 level will continue to be resistive, and we will bounce around in further consolidation.

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ETH/USD Video 02.05.18