Ethereum did almost nothing against the US dollar as we continue to walk around the $750 neighborhood. However, the 20 SMA is starting to turn slightly positive on the 4 hour chart, so I think it’s only a matter of time before we rally. I suspect that there is a massive amount of support near the $650 level, and resistance at the $800 level. If we can break above $800, I think that fresh, new money will flood into the marketplace.
Ethereum went sideways against Bitcoin as well, as we continue to struggle just below the 0.05 handle. I look at the 0.045 level as support now, and if we were to break down below that level it would confirm that we were rolling over again. Alternately, if we break above the 0.05 handle, then I think we may bounce just a bit higher.
Thanks for watching, I’ll be back tomorrow.