ETH/USD
Ethereum continues to hang around the $625 level, an area that has been important over the last couple of weeks. I think that if we break above the $650 level, then we should go higher towards the $700 level. I think that the $600 level underneath is support, so if we were to break down below there it’s likely that the market should then go down to the $500 level. Longer-term, I believe that the market will continue to find buyers, based upon value. However, right now momentum is missing.
ETH/EUR
Ethereum markets went sideways initially during the session against the Euro as well, using the €500 level as support. I think if we can break above the €540 level, then the market is free to go to the €580 level. Alternately, I think that the support should go down to €480, so a breakdown below that level would be rather negative. I think that we will eventually see the buyers come back, but we are trying to catch our breath after quite a bit of volatility. As a record this, we are up 2% for the day, which in the crypto currency markets doesn’t seem to be much. However, I think that the market is likely to continue to go to the €600 level over the longer term, and perhaps even higher than that as we have seen so much in the way of momentum to the upside being build up.