Ethereum rolls over during soft session on Wednesday

Ethereum markets struggled during the trading session on Wednesday, as the $420 level offered a bit too much resistance yet again. We are consolidating overall, but certainly look as if we are softening. · FX Empire

Christopher Lewis

Updated Wed, Apr 4, 2018, 10:52 PM

ETH/USD

The Ethereum markets broke down a bit during the trading session on Wednesday, rolling through the $400 level to the downside. The market looks likely to go to the $360 level underneath. The market has been consolidating for some time, and it looks as if we are going to go back to the bottom of the range. If we can break down below the $360 level, we could go as low as the $350 level, perhaps even the $300 level after that. I don’t have any interest in buying Ethereum until we break out above the consolidation box drawn on the chart, something that doesn’t look likely to happen in the short term.

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ETH/EUR

Ethereum markets rolled over against the Euro as well, as the €340 level has offered resistance yet again. We are reaching towards the €300 level underneath, which has been significant support. If we can break down below there, the market should then go down to the €275 level after that. I believe that the downtrend is still very much intact, and I think it is going to continue to be a bearish market, especially if the EUR/USD pair can rally in the Forex markets. I believe that this market will continue to see plenty of reasons to roll over, because quite frankly the crypto currency markets cannot pick up their own feet these days.

However, if we were to break above the €350 level, the market could attempt to break above the €380 level, which is significant resistance. If we can break above there, then I think the market could rally significantly, but it is going to take a lot of momentum.