Hello and welcome to News BTC’s Market Outlook July 24.
Ethereum did very little during the session on Friday, as we continue to hover just below the $240 level. For me, this looks like it is a market that is trying to consolidate, so expect short-term pullbacks. I would expect to see significant support just below the $200 level, just as they would expect to see significant resistance at roughly $240. If we can get a daily close above $240, I believe that the market goes much higher.
Ethereum continues to soften a bit against Bitcoin, but ultimately, I think there is a bottom coming soon. Quite frankly, at this point I would be more comfortable on the sidelines than anything else. We will keep you up-to-date as to what we see on the chart of the next several sessions.
Thanks for watching, we’ll see you again tomorrow.