Ethereum markets broke down during the session on Monday, sliding below the $600 level. However, we have recently made a “higher high”, so that is a bullish sign in general, but it was also done during the week in which tends to be retail trading only. As more institutional money flows into the market, these moves tend to be turned around. At this point, I still believe that the Ethereum markets are going to struggle going forward, as we have seen them roll over every time there’s been an attempt to strengthen.
The Ethereum markets also fell against the Euro as one would expect, reaching towards the €500 level. I think that the €480 level underneath will be supportive, and if we can break down below that level the market will be free to go much lower. However, much like the ETH/USD pair, we have made a fresh high over the course of the weekend, so it’s likely that the market will continue to be noisy to say the least. I think that the €600 level above is a major barrier, and it’s good to be very difficult to break above that level for anything approaching a significant move to the upside. I believe that this market will continue to be very noisy regardless, and that crypto currency markets in general continue to offer selling opportunities on longer-term rallies.