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.
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.