ETH/USD and ETH/BTC Technical Analysis May 23, 2017

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Last Updated: June 11, 2024 1:22 pm

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Hello and welcome to News BTC’s Market Outlook May 23.

ETH/USD

Ethereum rallied significantly during the day on Monday, reaching towards the 190 handle. This of course is a very bullish market, so I think waiting for pullbacks will be the best way to go in a market that looks very bullish. I have no interest in shorting this market, and I believe that the $150 level should now offer significant support. One would have to believe the $200 is in the sight of traders now.

ETH/BTC

Ethereum has finally broken out against Bitcoin, and now looks set to go to the 0.10 level above which is the next large, round, psychologically significant number. This being the case, I like the idea of buying dips and believe that the market is well supported below at the 0.06 level. Ultimately, Ethereum continues to march higher.

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