Ethereum markets have rolled over a little bit during trading on Friday, reaching down towards the $500 level, an area that of course has a certain amount of psychological support, and of course caused a bit of a hammer last week. Because of this, I think that we will test that support area yet again, and it looks as if we are going to go down to the $450 level, followed by $400. The alternate scenario is that we rally, but we need to break above the $600 level to do so. It’s not until then that I’m willing to buy this market.
Ethereum markets rolled over against the Euro during the trading session on Friday, reaching down towards the €420 level. I think that the €400 level will be targeted, as it should be a major support level based upon the previous resistance found just before Christmas in this area. If we break down below the €380 level, then I think the market breaks down rather significantly, perhaps down to the €300 level, perhaps even €250 after that. I’m not willing to buy this pair until we break above the €500 level, which would be of course a complete change of momentum and of course attitude, and that would be an excellent way to play this market, taking advantage of a complete shift in momentum. Right now though, we need other crypto currencies to help, which they don’t look ready to do.