Ethereum markets fell against the US dollar initially during the trading on Friday, showing signs of raking down, but found a bit of a bounce at the $650 level. By bouncing from there, the market then rallied towards the $700 level, and then selling off yet again. This market continues to look very broken, and it’s not until we break above the $780 level that I think there’s any chance to buy this market. I suspect that it is likely that we are going to go down to the $600 level next, and then eventually the $500 level. I believe that Ethereum is completely broken at this point.
The Ethereum market has broken down during the trading session on Friday against the Euro, slicing down towards the €525 level, then bouncing significantly towards the €580 level, and then rolled over again. I think that this market is going to continue to find lower levels, perhaps targeting the €525 level next, followed by the €500 level. If we were to break above the €640 level, then I think you could start to buy this market, but at this point I think it’s very unlikely to see that happen, as the Ethereum markets look completely broken, not only from a shorter-term outlook, but also from longer-term charts as well. This market continues to be very negative, and I think that’s going to continue to be the case with most crypto currencies. You simply cannot lose 25% of value in a week and expect traders to keep coming back.