Ethereum fell during the Wednesday session against the US dollar, but is starting to find support near the $435 level. Currently, I believe that there is even more support closer to the $430 level, but a move above the $450 level should signify that the market is ready to continue to go higher. That being said, it seems as if most of the attention in the crypto currency world right now is focused on Bitcoin.
With all of that bullish pressure on Bitcoin, there’s no surprise here in the ETH/BTC chart, breaking down to fresh, new lows. I believe at this point using the 20 SMA on the hourly chart as dynamic resistance is the best way to go, shorting this market every time we hit the moving average. Where the bottom is, I don’t know, but quite frankly I am surprised that Ethereum has lost so much ground.
Thanks for watching, I’ll be back tomorrow.