As stated in the paragraph above, the Ethereum markets tried to take out the $500 resistance barrier late on Thursday but gave back those gains on Friday do lose over 6% at the time of this video. The market looks likely to continue to attract sellers every time at rallies, as the $520 level seems to be a rather significant area of clustering and therefore resistance. Market participants are best off shorting rallies as they have been consistent ways to make money. At this point, I anticipate that Ethereum will go looking towards the $460 level again, and then probably the psychologically important $450 level.
Ethereum also fell against the Euro as one would expect. The markets look ready to go down to the €400 level again, which offered so much support on Thursday. Perhaps we will try to break down below there and go much lower. If we do, I anticipate that the initial target will be €375, followed very quickly by the €350 level. Rallies at this point seem to be a nice selling opportunity, with the €450 level above being a major barrier to get above. If we were to break above there, then I think we would rally towards the €500 level. However, at this point it doesn’t look very likely, at least not in the short term. I believe that Ethereum continues to be sold rather drastically, as crypto currency markets in general have been beaten up. There’s no reason to think this one will be any different.