Ethereum markets rally on Friday again

ETH/USD

Ethereum rallied against the US dollar, reaching towards the $530 level. We pulled back a little bit from there during the day on Friday, and I think that we should find plenty of support underneath that the $500 level, if not the $450 level. There’s no signs of weakness in this market is on the short-term charts, so I think that it will continue to offer value when it pulls back. Pay attention to the US dollar in the Forex markets as well, because if it starts to unwind and lose a bit of strength, that should be good for this market also.

ETH/EUR

The ETH/EUR market pull back a bit from the $425 level and looks likely to see bits of support between here and there. I believe that the €400 level underneath should continue to offer a bit of support, but it could be a very messy road ahead of us. That makes sense though, because we have seen such a massive selloff over the longer term, people will be very skittish about putting money to work in the crypto currency markets as they have been very unreliable. However, on the longer-term charts it looks as if we could be trying to form a turnaround, but that’s going to take a long time to accomplish and that could create a very volatile and difficult situation. For those of you who do decide to come in and buy this market, you should be thinking longer-term.

ETH/USD Video 16.04.18