Ethereum markets have drifted a bit lower during the trading session on Tuesday, as volume has evaporated. The $850 level has offered resistance, and I believe that the $900 level above there is even more resistive. Ultimately, I think that there is support below though, somewhere near the $700 level. If we can break above the $900 level, then the market should go towards the $1000 handle. However, I would not trust a move to the upside and less we had significant volume, something that we are seeing right now. The lack of volume certainly is a bit concerning, and I think best case scenario is that we grind sideways to build up confidence.
ETH/USD Video 14.02.18
Ethereum markets have also rolled over against the Euro, showing signs of negativity. Volume is almost nonexistent, and that of course doesn’t do this pair any favors. If we roll over from here, and I think we will, we will probably go looking for support near the €600 handle. That’s an area that has been supportive in the past and extends support down to the €500 level. In general, I think that we will continue to see a lot of noise in this in Ethereum markets, and that it’s unlikely that we will get some type of clarity in the short term. I think we need to build up confidence for buyers to get involved significantly, and until that happens it’s difficult to imagine buying.
This article was originally posted on FX Empire
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