Ethereum has collapsed during the trading session on Friday, losing 25% as I record this video. The market has tested the $600 level, and if we break down below there, it’s very easy for this market to drop down to the $500 level, probably within a few hours. The markets need to find some type of support at that area, or things could get very ugly. This type of precipitous breakdown is not one you want to be buying. Stability is needed before anybody goes long of Ethereum at this point.
While both currencies are falling apart against the US dollar, this pair looks as if it is trying to roll over. Quite frankly, there is no way to protect yourself against one or the other when both Ethereum and Bitcoin are falling apart against the US dollar. One has to outperform the other for this pair to work. Because of that, there is no trade here today.
Thanks for watching, I’ll be back next time.