ETH/USD
Ethereum continues to chop around against the US dollar, and is currently testing the $300 level for support. It looks likely that we will find support underneath, perhaps extending as low as $280. This pullback should be thought of as a potential buying opportunity, as traders seem to be looking at building longer-term and larger positions. Overall, this should offer value for the longer-term investor.
ETH/BTC
Ethereum has rallied a bit again during the day against Bitcoin, but quite frankly there is enough resistance near the 0.0475 handle to have me thinking about shorting. At the first signs of exhaustion, I am more than willing to get short of this market and start aiming for the 0.04 level underneath. It is not until we break above the 0.05 level that I would consider buying, as Bitcoin has been so strong longer term.
Thanks for watching, I’ll be back tomorrow.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.