Crypto currencies are getting pummeled during the trading session on Tuesday again, as Ethereum has reached down to test the $1000 level. If we break down below this level, that will bring in fresh selling, and probably free the market to go down to the $850 level. Alternately, if we can bounce a break above $1200, that is a bullish sign.
Ethereum has drifted sideways against Bitcoin, but quite frankly with both currencies looking very susceptible to selling, it makes sense that we won’t see much action in this market. I believe that the 0.10 level above needs to be broken for the buyers to reenter, otherwise we are going back to the 0.08 level.
Thanks for watching, I’ll be back tomorrow.