- Ethereum initially rose during the trading session on Friday but has given back gains as soon as we broke above the $4600 level.
- Ultimately, this is a market that is highly sensitive to what happens in the Bitcoin market, which of course has seen quite a bit of selling over the last couple of days.
- I think that the overall attitude of the market will continue to be one that is a bit concerning, as the bitcoin market has looks so horrible above the $120,000 level.
Bitcoin Drives Crypto
It really doesn’t matter which digital you are talking about, if Bitcoin cannot get any type of traction, that means that most crypto will suffer, and Ethereum won’t be any different. That being said, I don’t necessarily think that Bitcoin is falling apart, I just don’t think that we have the momentum to push markets much higher at this point in time, because it is a fairly quiet time of year, and volumes of course are somewhat thin. This is not to say that things can happen, it just suggest that perhaps the likelihood isn’t as strong as it will be once the institutional traders come back into the fold and start to look at buying again.
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Technical Analysis
The technical analysis is obviously very bullish, and there are a couple places I am looking at for potential buying opportunities. If we can find support and a bounce at the $4200 level, I’d be very interested in trying to buy that region, or if we break down below there, and become even more interested in buying the market somewhere near the $4000 level, which of course is a large, round, psychologically significant figure. It’s also worth noting that the $4800 level that offered so much in the way of resistance was near all-time highs, so I think it all ties together for a buying on the dips type of opportunity to present itself.
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