Ethereum continue to roll over during the Wednesday session, reaching the $900 level. It now looks as if the $800 level is all but assured, and then the $700 level. I think at this point in time, any rally is a selling opportunity, unless we can clear the $1100 level. One thing that does concern me is that the heaviest volume that we have seen over the last several weeks has been on the break down below $1000, not a good sign.
Ethereum is struggling against Bitcoin, which of course isn’t a surprise. However, both of these currencies are getting absolutely pummeled over the last several days, so at this point in time you can’t read too much into that action. I believe that the 0.08 level underneath is the “floor” in the uptrend, and if we can hold there, we will probably bounce. Otherwise, it’s a selling opportunity.
Thanks for watching, I’ll be back tomorrow.