Ethereum fell against the US dollar initially on Wednesday to reach the $720 level. We bounce from there to reach the $750 level, an area that has been resistance a couple of times recently. If we can break to the upside and above the $775 level, the market probably goes higher and towards the $840 level again. When I look at this chart, I see a significant amount of support at the $700 level below, and I think that we will continue to see buyers coming back into the market in that area to take advantage of that region. I believe that the support goes down to the $680 level, so think of this more as a “zone” than anything else.
Ethereum fell against the Euro during the open on Wednesday as well, reaching down to the €600 level. This is an area that has been supportive more than once, and the bounce of course would have been right in line with what we have seen over the last couple of days. The question now is whether we can break above the €650 level. If we can break above that level, then I think the market probably goes to the €700 level over the next several sessions. If we break down below the region just below the €600 level, then I think we probably reach down to the €550 level, an area that has caused more than one reaction. Ultimately, I think that we get a lot of noise along the way, so keep your position size relatively small.