ETH/USD and ETH/BTC Technical Analysis October 24 2017

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ETH/USD

The US dollar enjoyed quite a bit of strength during the day on Monday, as expectations for tax cuts increase. In general, the US dollar continues to be favored as far as fiat currencies are concerned, so this of course will show itself in the Ethereum market. The markets have broken below the $280 level, and it’s likely that the downward momentum should continue. However, I think there is a significant amount of psychological support near the $275 level, and then again at the $250 level. I will be looking to start buying in that general vicinity.

ETH/BTC

Ethereum went sideways against Bitcoin, as the market has found the 0.05 level to be massively resistive. Pullbacks of this point should find plenty of support at the 0.047 level underneath, where we have been aggressively buying. However, I think that the market will continue to favor Bitcoin overall, nonetheless, I don’t have any interest in putting money into this market.

Thanks for watching, of be back tomorrow.