Lets take a look at the Ethereum market versus the US Dollar.
As you can clearly see there has been some decent selling price action this past week and there are some bearish signals emerging in the market.
Even though we are still in bullish trend, lets take a look at the new developments in the market.
The bears entered the market at $800 and smarter traders booked nice profits after some good gains since April.
There are some bearish candlestick formations on the 4hr candle chart, as well as the fact that we have broken through our first bullish trend lines.
I will wait to see what happens around the $700 price level going into the weekend, should it fail to act as support I will be keeping an eye at lower prices for possible long entries. I would put the medium term support in the $600 – $540 price range should the above mentioned level fail.
This kind of price action is quite normal for the volatile crypto markets, there will be some corrections before consolidating higher. Safe trades.