Analysis

ETH/USD and ETH/BTC Technical Analysis November 3 2017

Christopher Lewis | November 3, 2017 | 8:40 am
ethusd
Analysis

ETH/USD and ETH/BTC Technical Analysis November 3 2017

Christopher Lewis | November 3, 2017 | 8:40 am

ETH/USD

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.

ETH/BTC

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.

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