Etherium Analysis (ETH/USD) August 4, 2017
During the session on Thursday, the Ethereum market was relatively quiet as we await the jobs number today. The jobs number has a massive influence on the US dollar, and of course will have a massive amount of influence on the crypto currencies. Currently, it appears that Ethereum is treading water near the $220 level, but I see a significant amount of resistance at the $240 level. We have had a slight pullback early during Thursday trading, but I think this is simply a reversion to the mean, and I expect to see plenty of support near the $220 handle as it has been an area of interest over the last several sessions.
I continue to believe that the market is supported, and that the US dollar will continue to be pummeled. If that’s the case, I anticipate that the jobs number could only add fuel to the fire if it is a bit disappointing. If we can break above the $227.50 level, I think that the market will then go looking towards the $232.50 level above there. A break above that level would send this market much higher, and bring in more “buy-and-hold” trading in my estimation. Currently, I don’t have much interest in shorting Ethereum, although if we break down below the $215 level, that would be a “lower high” being confirmed, which is a very negative sign. At that point, we might have sellers jump into the market but until then I think that the market seems to be relatively well supported, and should continue to attract buyers going forward. Ultimately, I still believe that this market probably looks for the $250 level above, but it’s obviously going to take some time to get there, as we continue to see significant volatility, not only in Ethereum, but in the US dollar itself.
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