Hello and welcome to News BTC’s Market Outlook July 31.
Ethereum markets fell slightly against the US dollar on Friday, slicing through the $200 level. It now looks as if we are going to pull back a bit further, and I anticipate that we should see support near the $180 level, and most certainly near the $160 level. Alternately, if we break above the highs from the Wednesday session, that could send this market looking towards the $240 level.
As this market has essentially been “dead money” over the last week, it’s not surprising that we broke down a bit. We are now just below the 0.07 level, and it looks likely that we will probably drift towards the 0.06 handle where I would expect to see more support. In the meantime, it looks like Bitcoin is preferred over Ethereum.
Thanks for watching, we’ll see you again tomorrow.