ETH/USD
Ethereum tried to rally during the day on Friday against the US dollar, but struggled at the $74 level. By pulling back the way it has, we have formed a shooting star which is a very negative technical signal. However, I see a significant amount of support below at the $60 level, so it’s likely that the buyers will return. A breakdown below the bottom of the candle signals that sellers are stepping back into the market. However, the longer-term trend is most certainly to the upside so waiting for lower levels to go long will be the way to trade this market.
ETH/BTC
Ethereum rallied against Bitcoin as well, but also found resistance above, turning a positive market into a shooting star. Because of this, I anticipate that this market will pull back but I’m looking to buy this pair somewhere just above the 0.04 level. Alternately, a break above the top of the candle would be a very bullish move, perhaps sending this market to the 0.06 level after that.
Thanks for watching and see you again tomorrow.