EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 21st, 2020

EOS

EOS fell by 0.83% on Monday. Partially reversing a 3.17% rally from Sunday, EOS ended the day at $2.5685.

It was a choppy start to the day. EOS rose to a late morning intraday high $2.6196 before hitting reverse.

Falling well short of the first major resistance level at $2.6431, EOS fell back to sub-$2.57 levels before finding support.

EOS briefly revisited $2.60 levels again before sliding to a late intraday low $2.5402. Steering clear of the first major support level at $2.5013, EOS recovered to $2.56 levels to limit the downside.

At the time of writing, EOS was down by 0.26% to $2.5618. A bearish start to the day saw EOS fall from an early morning high $2.5675 to a low $2.5618.

EOS left the major support and resistance levels untested early on.

EOS/USD 21/07/20 Daily Chart

For the day ahead

EOS would need to move through the $2.5761 pivot level to support a run at the first major resistance level at $2.6120.

Support from the broader market would be needed, however, for EOS to break back through to $2.61 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $2.6196 would likely cap any upside.

Failure to move through the $2.5761 pivot would bring the first major support level at $2.5326 into play.

Barring another extended sell-off, EOS should continue to steer clear of sub-$2.45 levels. The second major support level at $2.4967 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2.5326

Pivot Level: $2.5761

First Major Resistance Level: $2.6120

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.32% on Monday. Partially reversing a 1.44% decline from Sunday, Ethereum ended the day at $236.1.

It was also a choppy start to the day. Ethereum rose to an early morning intraday high $239.8 before hitting reverse.

Falling short of the first major resistance level at $241.69, Ethereum slid to a late intraday low $233.85.

Ethereum fell through the first major support level at $234.97 before moving back through to $236 levels.

At the time of writing, Ethereum was up by 0.11% to $236.35. A mixed start to the day saw Ethereum fall to an early morning low $235.77 before striking a high $236.46.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 21/07/20 Daily Chart

For the day ahead

Ethereum would need to move through the $236.6 pivot to support a run at the first major resistance level at $239.32.

Support from the broader market would be needed, however, for Ethereum to break back through to $239 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $239.8 should cap any upside.

Failure to move through the $236.6 pivot would bring the first major support level at $233.37 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $230.63 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $233.37

Pivot Level: $236.60

First Major Resistance Level: $239.32

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 2.45% on Monday. Reversing a 0.20% decline from Sunday, Ripple’s XRP ended the day at $0.19502.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday $0.20068 before hitting reverse.

Ripple’s XRP fell through the first major support level at $0.1965 and the second major support level at $0.1932.

Finding late support, Ripple’s XRP moved back through the second major support level to cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 0.04% to $0.19494. A relatively bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19497 to a low $0.19429.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 21/07/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through the $0.1960 pivot to support a run at the first major resistance level at $0.1997.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.199 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.20068 should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2044 before any pullback.

Failure to move through the $0.1960 pivot would bring the first major support level at $0.1913 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1875.

Looking at the Technical Indicators

First Major Support Level: $0.1913

Pivot Level: $0.1960

First Major Resistance Level: $0.1997

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum Weekly Price Forecast – Ethereum looking for support

ETH/USD

Ethereum markets fell against the US dollar again during the week, with a special emphasis on the Friday session as we lost over 5% during that day. However, when you look at the longer-term charts you can see that the $500 level has been somewhat important more than once. We are forming a bit of a hammer like candle, so that suggests that perhaps the buyers are getting ready to jump in again. If we can break above the top of the range for the week, Ethereum could find itself rallying towards the $600 level, possibly even the $700 level after that rather quickly.

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ETH/EUR

Ethereum markets also fell against the Euro, bouncing from the €400 level during the week. However, this candlestick is even more shaped like a hammer, and looks more like a classic reversal signal. If we can break above the top of this hmmer, then I believe the market will go looking towards the €500 level in the short term, and the €600 level longer term. This could be the beginning of Syria’s support. However, if we break below the bottom of this hammer, the market will almost assuredly reach towards the €300 level which is even more supportive. Longer-term, it’s hard to tell where we go but it certainly looks as if the market is starting to offer enough of a value proposition for at least some buyers to step in. Expect a noisy couple of weeks, but I do think that they will be very crucial ones.

ETH/USD Video 18.06.18

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Ethereum Price Forecast – Ethereum falls hard again on Friday

ETH/USD

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.

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ETH/EUR

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.

ETH/USD Video 18.06.18

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Ethereum Price Forecast – Ethereum markets rally but fail on Thursday

ETH/USD

Ethereum markets rallied a bit during the trading session on Thursday only to find resistance at the $500 level. By doing so, we show that there is still plenty of noise above that can cause a lot of trouble. Ultimately, this is a market that should continue to be very bearish in the short term, perhaps reaching down to the $450 level. This is a market that I think continues to be a “sell the rallies” situation, unless of course we can break above the $500 level. If that happened, then the market could go much higher. If it does, that could change a lot of things. In the short term, I anticipate that we will probably continue to see sellers.

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ETH/EUR

The Ethereum markets initially when sideways during the trading session on Thursday but found the 50 SMA to be resistive enough to turn the market back around. It looks as if the market is going to go down to the €400 level, and then perhaps a break down below there. I think that short-term rallies continue to be a major opportunity to start selling again, and if we can break down below the recent lows, the market is likely to go much lower, perhaps reaching down to the €350 level. I don’t have any interest in buying this market, at least not until we would break above the €450 level, which of course is very resistive based upon the previous support. Market memory should continue to push this market lower at that level. I find it telling that the market failed to hold gains when the Euro fell in the Forex markets.

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Ethereum Price Forecast – Ethereum falls again on Wednesday

ETH/USD

The Ethereum markets broke down a bit during the day on Wednesday, losing another 3% as I record this. I think that the market has plenty of resistance at the $500 level above, and I think if we can stay below that level, it’s likely that sellers will continue to jump into this market. The 50 SMA on the hourly chart seems to be offering a significant amount of psychological resistance, and therefore I think that it is only a matter time before the sellers return if we get close to that area. I believe that the $450 level underneath is going to be a bit of psychological support, but quite frankly I think that gets broken as well.

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ETH/EUR

Ethereum fell against the Euro as well, reaching down to the €400 level, a large, round, psychologically significant number. I think that the market breaking down below that level should send this market down to the €350 level next, which is the next psychologically important level. If we rally from here, I think the 50 SMA will continue to offer resistance as well, not to mention the €450 level above that. Overall, this is a market that continues offer plenty of selling opportunities if you are patient enough to wait for signs of exhaustion. I don’t have any interest in buying this market, at least not until we break above the €500 level above, which seems to be very unlikely right now as we have such a straightforward move lower and a relentless grind to the downside.

ETH/USD Video 14.06.18

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Ethereum Price Forecast – markets continue to churn

ETH/USD

Ethereum rallied slightly against the US dollar during trading on Tuesday but gave back most of the gains to form a relatively unchanged session. It looks as if the $540 level is offering resistance currently, but I think it makes sense that we continue to go higher based upon the higher lows that we have formed over the last couple of days. I think that there is a significant resistance barrier above at the $575 level, and if we can break above there the market really could start taking off towards $600. However, I suspect that rallies will be selling opportunities, and therefore I will look for signs of weakness to start shorting again.

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ETH/EUR

Ethereum also tried to rally against the Euro but found enough resistance to turn around and lose a slight amount of value during the day. I think that if we can break above the €465 level, the market will be free to go higher, perhaps reaching towards the €480 level and then the €500 level. This is most certainly a bearish market, and I think that the €430 level underneath will continue to offer support, but it would not surprise me at all to break through that level and go looking towards more important support levels. At this point, I suspect that the €500 level is massive resistance, and therefore should be thought of as the “ceiling” in the market currently.

ETH/USD Video 13.06.18

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Ethereum markets bounced slightly on Monday

ETH/USD

Ethereum markets fell against the US dollar during the trading over the weekend, which was due to increased governmental interference, and a hack in South Korea again. At this point, it’s difficult to get overly excited about crypto currencies, as we have seen so much in the way of bearish pressure over the longer-term. We have bounced from the $500 level, an area that of course has a significant amount of psychological importance as well as structural, but at this point it looks like more of a “dead cat bounce” than anything else. I believe that eventually we will see short-term exhaustion again, and then break down towards the $500 level. Once we get through there, the market unwinds drastically.

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ETH/EUR

Ethereum also bounced against the Euro, but quite frankly the small bounce that we have had is small in comparison of the selloff of the weekend, and of course we have made a fresh, new low, which of course is a negative sign as well. I think at this point it’s likely that we will see exhaustion sooner rather than later, and at that point it’s likely that the market will eventually find more sellers, and of course at this point I believe that the $500 level above is massive resistance. If we break down below the $430 level underneath, then the market could extend down to the $400 level rather quickly. In general, this is a “sell the rallies” type of situation yet again. There is a lot of noise in this market, and most of it is negative.

ETH/USD Video 12.06.18

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Ethereum markets fall for the week

ETH/USD

Ethereum fell during the week, but did form a hammer during the previous week, which of course is a very bullish sign. I think that it’s only a matter of time before the market rolls over, but we may have a bit of a bounce in the short term, based upon that hammer. I think that the $700 level above is going to offer significant resistance though, so it’s very unlikely that we can have a sustained to rally. I think that the market will eventually go looking towards the $400 level underneath which seems to be significant support. If we were to break above the $700 level, the last major high was $800, and that of course should be resistance as well.

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ETH/EUR

Ethereum fell slightly during the week against the Euro but seems to be somewhat supported by the €500 level. The hammer from the previous week of course is a bullish sign and it shows signs of support. We could get a short-term bounce, but I think it’s only a matter of time before we reach towards the bottom of the hammer from the previous week. If we do rally, I suspect that the €600 level will be resistance, as we have formed such a massive negative candle for the week a couple of weeks ago. If we break down below the hammer from the previous week, then I think that the market could go to the €400 level rather quickly. Beyond that, there is even more support at the €300 level.

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ETH/USD Video 11.06.18

Ethereum drifts lower during the trading session on Friday

ETH/USD

Ethereum markets have drifted a little bit during the trading session on Friday, as we have broken below the $600 level. I think that the 590 Dollars Level Giving Way will open the door to the $580, which then would open the door to much lower pricing. It does look as if we are trying to roll over a bit during the day, and that we may be a bit exhausted. We have formed a “lower high” so far, and I think that the market is ready to continue the sloppy trading that we have seen for several weeks now.

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ETH/EUR

Ethereum markets went sideways during the trading session on Friday, dancing around the €510 level. The €500 level underneath is massive support, just as it was massive resistance in the past. The market looks very likely to test the €500 level underneath, perhaps breaking down below there given enough time. Rallies are to be sold, and till of course we can break above the €540 level, which would be a very strong move. I believe that with the Euro strengthening in the Forex market, it is going to be very difficult to see this market rally significantly as the underlying currency is starting to show bullish pressure. I find it very difficult to buy this market but would have to do so if we break above the €540 level. I think that the noise in this market will continue, but I think that the negativity should remain intact.

ETH/USD Video 11.06.18

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Ethereum markets relatively quiet on Thursday

ETH/USD

The Ethereum markets went sideways overall during the Thursday session, as we continue to bounce above the $600 level. I think that the market should continue to be rather choppy and directionless, but I look at the longer-term charts and I think that it is very likely that we will eventually find sellers. Ethereum has struggled overall, and I believe that the $500 level causing the market to bounce makes a lot of sense, but in the end it is only a technical move, and not necessarily one that is a fundamental move. If we break above the $650 level, then I would be quite a bit more bullish overall.

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ETH/EUR

Ethereum also when sideways against the Euro and is completely flat as I record this video. The €500 level underneath of course is psychologically important, it will cause a certain amount of support. If we break down below the €480 level, then I think the market could unwind rather drastically, perhaps down to the €440 level and beyond. I believe that there is the possibility that we could go higher from here, and if we break above the €540 level, I think the market could then go to the €600 level. Overall, this is a market that I think continues its sideways action and choppiness, but longer-term I believe that the sellers will return as crypto markets continue to be very soft overall. Although we have made a bit of a bottoming pattern, I believe it is short-lived at the very least, and longer-term traders will take advantage of value in the Euro.

ETH/USD Video 08.06.18

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Ethereum markets flat during Wednesday session

ETH/USD

The Ethereum markets when sideways during the trading session on Wednesday, dancing around the $600 level. The market continues to be very noisy, and I think that it’s going to be difficult to put money to work right now, as the market seems to be very unlikely to go in one direction or another. If we break down below the $580 level, the market will more than likely go looking towards the $525 level underneath. Otherwise, if we break above the $625 level, the market is likely to go reaching towards the $700 level. Until we can get some type of break in one direction or another, it’s good to be difficult to take any move seriously.

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ETH/EUR

Ethereum markets have gone sideways against the Euro during the day on Wednesday, hanging around the €520 level. The €500 level underneath is support and should continue to be so. However, if we were to break down below the €500 level, the market could unwind towards the €475 level. If we break out to the upside and clear the €540 level, the market should go to the €600 level. I think that the market should continue to go sideways in general, and I think that it’s only a matter time before this volatility picks up, and we can start trading again. Ultimately, this is a market that I think will continue to be short-term trading only and perhaps sideways action more than anything else. If you have the ability to trade in short term time frames, then perhaps you can get something going.

ETH/USD Video 07.06.18

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Ethereum markets relatively flat on Tuesday

ETH/USD

Ethereum markets fell a bit during the trading session on Tuesday, as we continue to dance around the $600 level. This is an area that of course will attract a lot of attention due to the large, round, psychologically significant figure. We are starting to rollover a little bit, so the question now is whether it continues, or if it simply the market trying to build up enough momentum to go higher. In order for me to start buying, I would need to see this market break above the $625 level. Otherwise, I think you break down below the $575 level will send this market quite a bit lower, perhaps as low as $520 again.

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ETH/EUR

Ethereum markets were very choppy against the Euro as well, as we continue to see a lot of noise around the €500 level. It looks as if the market is trying to roll over little bit, but I think the next 24 hours will be crucial. If we break down below the €480 level, I think the market will unwind and send the market down to the €440 level next. Otherwise, we will probably bounce and tried to approach the €540 level, but overall I think that this market is going to be back and forth at best, so keep in mind that the volatility will be a major part of trading this currency pair, but that’s not anything new. In general, I think you should keep your trading position somewhat small in the meantime.

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ETH/USD Video 06.06.18

Ethereum markets fall again during Monday session

ETH/USD

Ethereum markets broke down during the session on Monday, sliding below the $600 level. However, we have recently made a “higher high”, so that is a bullish sign in general, but it was also done during the week in which tends to be retail trading only. As more institutional money flows into the market, these moves tend to be turned around. At this point, I still believe that the Ethereum markets are going to struggle going forward, as we have seen them roll over every time there’s been an attempt to strengthen.

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ETH/EUR

The Ethereum markets also fell against the Euro as one would expect, reaching towards the €500 level. I think that the €480 level underneath will be supportive, and if we can break down below that level the market will be free to go much lower. However, much like the ETH/USD pair, we have made a fresh high over the course of the weekend, so it’s likely that the market will continue to be noisy to say the least. I think that the €600 level above is a major barrier, and it’s good to be very difficult to break above that level for anything approaching a significant move to the upside. I believe that this market will continue to be very noisy regardless, and that crypto currency markets in general continue to offer selling opportunities on longer-term rallies.

ETH/USD Video 05.06.18

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Ethereum falls for most of the week but show signs of support

ETH/USD

Ethereum markets fell significantly during the week, reaching down to the $500 level before bouncing a bit. The candlestick of course is a hammer, which of course is a very bullish sign. If we can break above the $600 level, the market should go looking towards the $700 level next. I believe that the market participants are going to be very skittish as we are at a major inflection point. If we break down below the bottom of the hammer, the market could very easily break down to $400 in the blink of an eye as it would be such a bearish sign.

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ETH/EUR

Ethereum markets also fell against the Euro during the week but bounce to form a hammer. The hammer sits just below the €500 level, and if we can break above the €500 level, the market will be free to go looking towards the €600 level after that. I believe that the market is going to be very important to watch, as the Euro is soft in general. If that’s the case, the market should continue to go higher. Otherwise, if we break down below the bottom of the hammer, the market could go down to the €400 level, and then perhaps a break down below that level should send this market down to the €300 level. I expect a lot of noisy conditions, but longer-term participants may be looking at this as a potential buying opportunity.

ETH/USD Video 04.06.18

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Ethereum markets struggle again on Friday

ETH/USD

Ethereum markets rallied initially during the day on Friday but turned around again as it appears the buyers cannot hang onto gains for longer-term moves. There seems to be a lot of resistance near the $600 level, extending to the $620 level. Eventually, I think that every time the market rallies there should be plenty of sellers. I think that the level just above is going to continue to be an issue for Ethereum, and I think that the downtrend is very much intact, despite what we have seen over the last couple of sessions. I believe that the $500 level underneath will be a nice target, and I think that will need to be tested.

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ETH/EUR

Ethereum markets initially try to rally against the Euro as well during the trading session on Friday, reaching towards the €500 level. I think there is plenty of resistance extending to the €525 level above, and I think it’s only a matter time before we roll over again. I think that the market probably goes down to the €440 level again, as it will be too important of a target. However, if we break above the €525 level, the market could go to the €600 level after that. Overall, I think that the Ethereum markets will continue to be soft though, so I anticipate that the sellers will return sooner or later. If we do rally, the €600 level above will be crucial for the longer-term move when it comes to Ethereum versus the Euro.

ETH/USD Video 04.06.18

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Ethereum markets rally significantly on Thursday session

ETH/USD

Ethereum markets rallied a bit during the trading session on Thursday, reaching towards the $580 level before running into a bit of resistance. Ultimately, there is a significant amount of resistance towards the $600 level, and then the $620 level. I think it’s only a matter time before the sellers get involved and start shorting again, but I think that it might be a bit difficult to jump in with a huge position because we have so much in the way of volatility. The markets are reacting to several different geopolitical issues as well, so I think that we could break down a bit from here in favor of the US dollar looking for safety.

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ETH/EUR

Ethereum markets rallied a bit during the trading session against the Euro as well, reaching towards the €500 level. That is a major round number obviously, and that could extend to the €525 level, and I think that it’s only a matter of time before the sellers get involved and push this market. I believe that we are starting to rollover in general, as the downtrend should continue. The market should have a significant amount of noise around the €450 level and extending down to the €420 level. Market participants continue to be very skittish, and I think that’s going to continue to be the case as crypto currency markets have a lot to think about beyond the scope of the geopolitical. Quite frankly, the market that is in its infancy, it’s difficult to get a grasp on where things are going to go.

ETH/USD Video 01.06.18

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Ethereum markets bounced slightly during Wednesday trading

ETH/USD

Ethereum markets have rallied just a bit over 0.5% against the US dollar as I record this video, but there is a clear batch of resistance just above and focusing on the $600 level. I feel it is only a matter of time before the sellers get involved, and at the first signs of exhaustion I would continue to sell this market as Ethereum has broken down rather significantly. The bounce that we have seen was from the psychologically important $500, something that quite frankly I could’ve told you was going to happen several days before it did as it is such a perfect round number.

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ETH/EUR

Ethereum also rallied against the Euro, reaching towards the €500 level. The market is going to run into a bit of resistance here, and we are already starting to show signs of perhaps breaking back down. He moved below the €480 level opens the door to the €450 region, and that of course below there. We are in a downtrend and there is no reason to fight that. If we break above the €525 level, then perhaps one could start to look for buying opportunities to reach towards the €600 level. Until then though, this is a market that you should sell rallies in and sell the first signs of exhaustion that appear. I believe that the technical bounce makes sense, because we can’t go straight down but it’s obvious that Ethereum has lost a lot of its luster as of late, so therefore I think the buyers should be cautious.

ETH/USD Video 31.05.18

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Ethereum markets rally on Tuesday

ETH/USD

The Ethereum markets fell over the last several sessions, but Tuesday was a bit of a different case as we bounced rather hard. However, the market has plenty of resistance above, especially near the $600 level. I’m looking for signs of exhaustion to start selling, and I think it’s only a matter of time before we roll over and go lookin

g towards the $500 level again. It makes sense that the market may need to attack the $500 level several times to break through, as it is a large come around, psychologically significant number. If we can break down through the $500 level, the market will more than likely go looking towards the $450 level.

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ETH/EUR

Ethereum markets have bounced against the Euro as well, with the €500 level above offering a significant amount of resistance extending to the €525 level. Any rally at this point should see selling opportunities relatively soon, and especially at the first signs of exhaustion. I think that the market will probably continue to see sellers jump into this market, reaching down to the €420 level underneath. Overall, market participants should continue to look at this as an opportunity to sell, because there is so much resistance above, and we are obviously in a downtrend. Use this bounce as another opportunity to load up on shorts, as it is most certainly the easy trade when it comes to crypto currencies as of late. Ethereum won’t be any different and should continue to be a “sell the rallies” market.

ETH/USD Video 30.05.18

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Ethereum falls again on Monday

ETH/USD

Ethereum markets fell significantly during the trading session on Monday, reaching down towards the $500 level, which has then started a bit of a bounce. That bounce of course is a good sign that the $500 could mean something, but I think that longer-term it’s likely that we revisit that area and eventually break down below there. Quite frankly, there just isn’t much in the way of buying pressure in this market for more than a few moments. A break down below the $500 level would unwind this market to at least the $450 level, perhaps lower than that.

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ETH/EUR

Ethereum also fell against the Euro, after initially trying to break above the €500 level. We reached as low as €440, and I think we will continue to go even further to the downside. That being said, the Euro itself is struggling a bit as we have major issues coming out of Italy, and of course the bond market from that country. Now that Greece and Italy have imploded in the bond markets, it’s likely that the Portuguese markets could be next. It’s not until we break above the €525 level that I would be willing to put some money to work, at least to the upside. I believe that the bearish pressure should continue, and I think it’s only a matter of time before you make a fresh, new lows again. If we did break above the €525 level, the market could then go to the €600 region.

ETH/USD Video 29.05.18

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Ethereum markets have another rough week

ETH/USD

The Ethereum markets fell against the greenback during the trading week, breaking through the bottom of a couple of hammers on the weekly chart. That’s an extraordinarily negative sign, and it shows that we will continue to struggle to find any signs of strength. I think that the markets will continue to be very noisy in general, but certainly with a negative attitude as we cannot seem to get significant momentum to the upside. That being said, is very likely that the $400 level underneath could be significant support. If we were to break down below that level, this market will probably collapse for the longer-term.

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ETH/EUR

Ethereum markets fell against the Euro during the week as well, breaking down to the €500 level and only finding support once we reached the psychologically important level. It looks as if the market is ready to go lower overall, because we have just broken through the bottom of a couple of hammers, which is a very negative sign to say the least. If we break down below the bottom of the candle for the week, it’s likely that we could go down to the €400 level after that. Ultimately, if we rally for any length of time, we should see plenty of resistance at the €600 level to keep the market going lower. Overall, I think that the market will continue to see plenty of favoritism for the Euro, as crypto currencies in general continue to struggle. Ethereum of course won’t be any different as the crypto mania seems to be fading.

ETH/USD Video 28.05.18

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