Good day folks! A quick roundup on the Ethereum markets.
ETH vs BTC
We can see that the down trend previaled and the market found short term support around 0.078 on the near term, but it is being tested as I write this report.
Should support fail here I would expect us to revisit the the 0.07 btc zone where the bulls might be lurking.
We can see that the market is oversold on the 1 Day and that the momentum (PPO) is still currently bearish, which will put some pressure on the bulls.
As Bitcoin is looking a bit weak against the dollar I will keep an option open for a possible reversal against Bitcoin. This will be confirmed should prices consolidate in the higher 0.08 region going into the weekend.
ETH vs USD
As you can see the longer term bearish trend is still in tact and I would expect the market to test the green trend line soon.
Short term support is around $800 and the bulls need to defend this zone to keep us bullish.
Medium term support could be as low as $600 and some traders are stacking buy orders down the line.
On the flip side resistance is around $950 – $1000 and the prices need to consolidate above those levels for me to be bullish on the short term.
Please feel free to discuss this trade with us in Discord. Safe trades.