Hello and welcome to News BTC’s Market Outlook May 24.
Ethereum had a choppy session on Tuesday, as the $150 level is offering support. The $165 level above has offered resistance, after forming a very massive shooting star during the Monday session. Ultimately, a pullback from here should be a buying opportunity, and we very well could get that move due to the fact that the market had been overextended. Ultimately though, buying this market is about all you can do but I look at pullbacks as value more than anything else.
Ethereum fell against Bitcoin, testing the 0.07 level. That level offered a bit of support, and most certainly I would expect the 0.06 level to be supportive as well. Because of this, it’s very likely that the market will try to go higher, but we may need to pull back to build up enough momentum and volume to continue the grind higher. Alternately, if we can break above the top of the shooting star from the Monday session, the market should continue to go higher and reach towards the 0.10 level above.
Thank you for watching and see you again tomorrow.