ETH/USD and ETH/BTC Technical Analysis Aug 2, 2017

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Hello and welcome to News BTC’s Market Outlook Aug 2.

ETH/USD

Ethereum rally during the day on Tuesday, using the $200 level as support. It now looks as if we are trying to break above the $225 level, and once we do we should continue towards the $250 level. There is a lot of noise between here and there though, so don’t be surprised if it’s choppy trading action. Short-term pullback should offer buying opportunities.

ETH/BTC

Ethereum finally got a lift against Bitcoin as well, as we have use the 0.07 level as support. We are now at the 0.08 level, which should be slightly resistive. Between here and the 0.10 level, it should be rather noisy. If you are going to trade Ethereum, you are probably better served trading in against the US dollar.

Thanks for watching, we’ll see you again tomorrow.