ETH/USD and ETH/BTC Technical Analysis May 04, 2017

Hello and welcome to News BTC’s Market Outlook May 04.

ETH/USD

Ethereum continues to hold its own against the US dollar as we currently trade near the $83.25 level. There is quite a bit of support underneath, extending all the way down to the $68 level. We are currently going sideways but I think there is still a significant amount of pressure that could drop this market from current levels, having it go look for buying opportunities at lower levels. I don’t have any interest in shorting, I believe that the $68 level should offer significant support.

ETH/BTC

Ethereum continues to grind sideways against bitcoin, hovering just above the 0.05 level. I think that short-term pullbacks continue to be accumulation opportunities but I use the word accumulation as I believe that this could be a bit of a slow grind. That slow grind should eventually reach to much higher levels, and a break above the 0.06 level could free the way to the 10.10 level above. Selling is all but impossible.

Thanks for watching and see you again tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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