ETH/USD and ETH/BTC Technical Analysis October 23 2017

ETH/USD

Ethereum markets rallied slightly during the day on Friday, reaching towards the $311 level. However, we are still trying to build a bit of a base, and I think that more of this is probably coming. On a break above the $316 level, I think that would show significant momentum to start buying as the market will then go looking towards the $335 level next.

ETH/BTC

Ethereum fell hard against Bitcoin, but this had very little to do with Ethereum, and more to do with Bitcoin itself. Mario Draghi of the ECB suggested that Bitcoin wasn’t mature enough to be regulated, and that had money flowing into Bitcoin as one of the main drivers for the value of the crypto currency is the fact that it is not part of the banking system. This gave the market more confidence, and Bitcoin exploded to the upside as a result. We can see that Ethereum is paying the price. Selling rallies will probably be the best way to trade this market now.

Thanks for watching, I’ll be back 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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