ETH/USD and ETH/BTC Technical Analysis May 02, 2017

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Hello and welcome to News BTC’s Market Outlook May 02.

ETH/USD

Ethereum rally during the Monday session, going as high as $88 but pulled back slightly to form a bit of the shooting star. This could suggest that a pullback is necessary and quite frankly that would not surprise me since we have seen so much in the way of an explosive moved to the upside without much of a pullback. In other words, I think that a pullback is a nice buying opportunity, but also an exercise in momentum building.

ETH/BTC

Ethereum tried to rally against Bitcoin but the 0.06 level seems to be a bit resistant. That being said, there is still plenty of bullish pressure in general, and I believe that pullbacks should be buying opportunities near the 0.05 level. Alternatively, a break above the top of the daily candle for Monday would also be a signal that we are going to go higher. The easy money has already been made, now the real work begins for the buyers.

Thanks for watching and see you again tomorrow.