Ethereum initially tried to rally during the trading session on Wednesday, but then found the level just above as being too resistive to continue going higher. The market looks as if it is trying to roll over, and it may have just failed at an uptrend line, signaling further weakness.
Christopher Lewis
Christopher Lewis
12 hours ago
ETH/USD daily chart, February 22, 2018
Golden Bitcoins
ETH/USD
Ethereum initially tried to rally during the day on Wednesday but turned around to form a shooting star. The shooting star suggesting that we are going to go lower from here, and perhaps break down towards the $800 level. I think that the market has even more support at the $750 level, so it’s only a matter of time before we can see some type of support. If we were to break down below the $700 level, that would be an extraordinarily negative sign and could send Ethereum lower. The one thing that I am concerned about is that volume has been very anemic, and therefore I anticipate we will continue to see a bit of consolidation with the downward bias.
ETH/USD Video 22.02.18
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ETH/USD daily chart, February 22, 2018
ETH/USD daily chart, February 22, 2018
ETH/EUR
Ethereum initially tried to rally during the day against the Euro as well but ended up falling over in this market as well. The €700 level has offered slight support, but if we can break down below there I think the market goes looking towards the €600 level. I think that is a significant support level, so I would anticipate some type of bounce from there, but if we were to break down below the €600 level, this market could unwind rather drastically. I believe that a break above the €800 level would be a significant break out in the market as we can continue to see the uptrend strengthened. However, I don’t think we have the volume, and I suspect that the market is ready to roll over again.
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ETH/EUR daily chart, February 22, 2018
ETH/EUR daily chart, February 22, 2018
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