ETH/USD and ETH/BTC Technical Analysis Aug 16, 2017

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Hello and welcome to News BTC’s Market Outlook Aug 16.

ETH/USD

Ethereum fell a bit during the day on Tuesday, as we are now testing the $280 level. I believe this is an area that should offer a significant amount of support, so we break down below there that could be very negative sign, perhaps sending this market down to the $265 level. Alternately, if we can get a bounce from here I think the market will go looking towards the $300 level again.

ETH/BTC

Ethereum bounced after initially falling against Bitcoin, using the 0.066 level as support. We now have the 0.072 level above offering resistance, so if we can break above there I think we could go as high as the 0.076 level. Alternately, if we show signs of exhaustion, the market will more than likely rollback down to the lows of the day.

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