Ethereum rose slightly during the day on Wednesday as the crypto currency markets have gotten a bit of a reprieve. Regardless, one thing that I am concerned about is the lack of volume that we are seeing. Because of this, I don’t necessarily trust the move higher, but I do recognize that if we break to a fresh, new high, extensively clearing the $1125 level, then buying is the only thing that can be done. I need to see more volume to be convinced otherwise.
Ethereum continues to go sideways against Bitcoin, which of course isn’t a surprise, considering both currencies have struggled as of late. We are still consolidating between the 0.08 level on the bottom, and the 0.10 level on the top. Until that changes, range bound trading is about as good as it gets, and quite frankly the last couple of weeks haven’t been worth being bothered with. Until one of the currencies makes a major breakout against the US dollar, expect more of the same.
Thanks for watching, I’ll be back tomorrow.