Here is a quick update on the Ethereum markets.
ETH / USD
We can see the same selling pressure that is visible on the BTC charts, however Ethereum has not broken to the bear side, yet.
I will look at $600 as near term support and change my stance to bearish should we consolidate below $600 going into the weekend.
Strong resistance now between $650 – $700 and I will wait and see before opening any more longs on the Eth market.
Should $600 fail as support we will revisit the previous price range, which was about $400 – $550.
ETH / BTC
Here we can see that the bullish trend is still in tact versus Bitcoin and I will look to the near term support for guidance.
First support zone in my opinion is 0.07 btc, should that fail I will look towards 0.068 btc for confirmation of a possible bearish reversal.
I am quite bullish on Ethereum should we stay above 0.07 btc. Safe trades.