The Ethereum market rallied slightly during the open on Tuesday, but then turned around to reach towards the $680 level. This is a market that I believe will continue to be sideways in general, because there seems to be a stringent amount of resistance at the $750 level above, as we have pulled back several times. The $650 level underneath has been offering support, and as we are between the 2 levels, it looks as if we are essentially a “no man’s land”, meaning that I would prefer to sit on the sidelines in the short term. However, if we break above resistance or break below support, then it may be time to start placing trades.
ETH/USD Video 14.03.18
Ethereum markets tried to rally a bit during the trading session on Tuesday, but then rolled over again as crypto currency markets simply do not seem to be able to pick up momentum to the upside. The €600 level looks to be massively resistive, and that resistance probably extends to the €625 level. The €525 level underneath is massive support, so I think we are going to continue to bounce around, but if we were to break down below the €525 level, the market could go down to the €500 level next.
I think that Ethereum markets are going to continue to struggle in general, because quite frankly it doesn’t seem as if the crypto currency markets are ready to go anywhere. At this point, most retail traders have stepped away from putting a lot of money into the market, and because of this, I believe that volatility will dry up.
This article was originally posted on FX Empire
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