Ethereum markets rallied a bit during the week, rolling over significantly to form a shooting star. The shooting star of course is negative, but we are sitting on top of significant support and noise, so I think that it is going to be difficult to break down, but it certainly doesn’t look ready to take off.
That being said, if we break above the top of the shooting star, that is a short-term bullish signal, perhaps reaching towards the $600 level. I believe that this market still continues to be a “sell the rallies” type of situation.
Ultimately, this is a market that fails to show signs of strength every time we get a chance. Get Into Ethereum Trading Today Ethereum also tried to rally against the Euro but failed and ended up forming a shooting star.
It looks as if we are trying to grind down towards the €250 level, an area that should be supportive, especially down to the €200 level. Ultimately, if we can break above the €300 level, the market should then go to the €500 level.
I believe that the market continues to weaken, especially considering that the Euro has shown signs of strength in the Forex markets. I believe that there should be plenty of bearish pressure in this market every time we rally, and I look at this market as one that you can sell repeatedly, as it would take a serious change and fundamental attitude when it comes to Ethereum to have a sustained rally. Read more from fxempire.com…
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