ETH/USD
Ethereum fell during the trading session on Thursday, breaking below the $290 level, and then testing the $275 level underneath. A bounce from there tested the $290 level, which of course is a very important level, as it was the bottom of consolidation, but it looks likely that we are entering a wider consolidated area. A break above the $292 level should have the market looking for the $308 level now, and looking at the 4-hour chart it seems as if the buyers are returning.
ETH/BTC
Ethereum found its footing a bit against Bitcoin at 0.038, but quite frankly any bounce at this point should invite selling, as this market has been in such a nasty downtrend. Although I think Ethereum will rally against the US dollar, Bitcoin markets are essentially on fire right now, meaning that we will continue to see longer-term bearish pressure.
Thanks for watching, I’ll be back Monday.
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.