Hello and welcome to News BTC’s Market Outlook May 04.
ETH/USD
Ethereum continues to hold its own against the US dollar as we currently trade near the $83.25 level. There is quite a bit of support underneath, extending all the way down to the $68 level. We are currently going sideways but I think there is still a significant amount of pressure that could drop this market from current levels, having it go look for buying opportunities at lower levels. I don’t have any interest in shorting, I believe that the $68 level should offer significant support.
ETH/BTC
Ethereum continues to grind sideways against bitcoin, hovering just above the 0.05 level. I think that short-term pullbacks continue to be accumulation opportunities but I use the word accumulation as I believe that this could be a bit of a slow grind. That slow grind should eventually reach to much higher levels, and a break above the 0.06 level could free the way to the 10.10 level above. Selling is all but impossible.
Thanks for watching and see you again tomorrow.