Ethereum continues to chop around against the US dollar, and is currently testing the $300 level for support. It looks likely that we will find support underneath, perhaps extending as low as $280. This pullback should be thought of as a potential buying opportunity, as traders seem to be looking at building longer-term and larger positions. Overall, this should offer value for the longer-term investor.
Ethereum has rallied a bit again during the day against Bitcoin, but quite frankly there is enough resistance near the 0.0475 handle to have me thinking about shorting. At the first signs of exhaustion, I am more than willing to get short of this market and start aiming for the 0.04 level underneath. It is not until we break above the 0.05 level that I would consider buying, as Bitcoin has been so strong longer term.
Thanks for watching, I’ll be back tomorrow.