ETH/USD and ETH/BTC Technical Analysis October 6 2017

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Hello and welcome to News BTC’s Market Outlook October 6.

ETH/USD

Ethereum fell initially on Thursday but found enough support near the $286 level to turn around and reach towards the $295 level. This is a very supportive move, and I think it’s only a matter of time before we break towards the $300 level, and then beyond that to the upside. I don’t have any interest in shorting, I believe that there is plenty of support to go forward.

ETH/BTC

Ethereum initially went sideways on Thursday, but then fell against Bitcoin to reach towards the 0.068 level. There is a bit of support here, so I would anticipate that we should see a little bit of a bounce, but Bitcoin has taken off to the upside against other currencies during the day, so I suspect that any rally at this point will be somewhat muted.

Thanks for watching, see you again on Monday.