Ethereum markets have drifted a little bit during the trading session on Friday, as we have broken below the $600 level. I think that the 590 Dollars Level Giving Way will open the door to the $580, which then would open the door to much lower pricing. It does look as if we are trying to roll over a bit during the day, and that we may be a bit exhausted. We have formed a “lower high” so far, and I think that the market is ready to continue the sloppy trading that we have seen for several weeks now.
Ethereum markets went sideways during the trading session on Friday, dancing around the €510 level. The €500 level underneath is massive support, just as it was massive resistance in the past. The market looks very likely to test the €500 level underneath, perhaps breaking down below there given enough time. Rallies are to be sold, and till of course we can break above the €540 level, which would be a very strong move. I believe that with the Euro strengthening in the Forex market, it is going to be very difficult to see this market rally significantly as the underlying currency is starting to show bullish pressure. I find it very difficult to buy this market but would have to do so if we break above the €540 level. I think that the noise in this market will continue, but I think that the negativity should remain intact.