Hello and welcome to News BTC’s Market Outlook May 29.
Ethereum rally during the Friday session, as we continue to reach towards the 200 level. Pullbacks continue to be buying opportunities, as the market has shown a proclivity to pick up value on pullbacks. The market is a bit overbought though, so pullbacks are necessary in order to feel comfortable about going long yet again. Selling is all but impossible when it comes to Ethereum against the US dollar.
This market tends to grind sideways for long periods of time but it now looks as if a pullback is imminent. The pullback will be small though, as the 0.06 level should be supportive. Alternately, if we can break above the recent highs, that would be a buying opportunity but I believe that the pullback is more likely than not, especially looking at Ethereum against other currencies.
Thanks for watching and see you again tomorrow.