ETH/USD and ETH/BTC Technical Analysis October 5 2017

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Hello and welcome to News BTC’s Market Outlook October 5.

ETH/USD

Ethereum initially tried to rally on Wednesday, but found the $296 level to be a bit too resistive. We pulled back from there and reached towards the $290 level where we see significant support coming back. Because of this, I think it’s only a matter of time before the buyers return, and I am looking for a supportive candle, or a bounce. Eventually, I expect the market to reach above the $300 level.

ETH/BTC

Ethereum rallied against Bitcoin, breaking above the 0.069 level at one point during the trading session on Wednesday. However, there is plenty of support just below to keep this market afloat while at the same time we are in an overall downtrend. Because of this, I think that the market remains choppy, and although I like both currencies, I don’t necessarily like trading them against each other. It’s very likely that a lot of back and forth choppiness continues.

Thanks for watching, I’ll be back tomorrow.