Ethereum took a beating during the trading session on Tuesday, slicing down below the $290 level. It’s likely that the market continues to go much lower, towards the bottom of the overall consolidation area. The $272 level underneath continues to be very supportive though, and I think that we could find a buying opportunity at these lower levels. I would be a buyer on some type of bounce in that area, or an hourly close above $290.
Ethereum continues to grind sideways against Bitcoin, but quite frankly I think we continue to see the downtrend overall. We have recently had a crossover on the 4-hour chart stochastics, and therefore think we will go looking to lower levels. A small short position can be initiated, if we stay below the 0.045 handle.
Thank you for watching, I’ll be back tomorrow.