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ETH/USD and ETH/BTC Technical Analysis November 16 2017

Avatar newsbtc 2 years ago

Hello and welcome to News BTC’s Market Outlook November.

ETH/USD

Ethereum continues to run to the upside during the trading session on Wednesday, but the $340 level looks to be offering a bit of resistance. Because of this, I think a pullback might be necessary, but that pullbacks should only offer a fresh buying opportunity. I believe that the $312 level will now offer a bit of a “floor” in the market, and that we should go looking towards the $350 level above.

ETH/BTC

Ethereum initially fell against Bitcoin during the day, but you can see we are starting to turn around near the 0.046 region. By doing so, looks as if we’re going to try to fight our way to the upside, but I think now we are entering a potential consolidation area between the 0.045 level on the bottom, and the 0.053 level on the top.

Thanks for watching, I’ll be back tomorrow.

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