Hello and welcome to News BTC’s Market Outlook November.
Ethereum continues to go sideways against the US dollar, hovering above the $460 level. I think that Ethereum is essentially waiting for Bitcoin to break above the $10,000 level to feel confident enough to make a serious go at the $500 level. Pullbacks should continue to be buying opportunities, but a breakdown below the $440 level could send this market as low as $400 after that.
The Ethereum markets fell against Bitcoin, as Bitcoin looks likely to be the first of the 2 currencies to break out. Because of this, it’s likely that the market will continue to go a little bit lower here, perhaps reaching down to the 0.045 level underneath which should be the beginning of support. In general, I believe that this market is probably best left alone in the short term.
Thanks for watching, be back tomorrow.