Ethereum fell during the trading session on Thursday, breaking below the $290 level, and then testing the $275 level underneath. A bounce from there tested the $290 level, which of course is a very important level, as it was the bottom of consolidation, but it looks likely that we are entering a wider consolidated area. A break above the $292 level should have the market looking for the $308 level now, and looking at the 4-hour chart it seems as if the buyers are returning.
Ethereum found its footing a bit against Bitcoin at 0.038, but quite frankly any bounce at this point should invite selling, as this market has been in such a nasty downtrend. Although I think Ethereum will rally against the US dollar, Bitcoin markets are essentially on fire right now, meaning that we will continue to see longer-term bearish pressure.
Thanks for watching, I’ll be back Monday.