Ethereum markets rallied significantly during the trading session on Friday, showing signs of strength yet again. Every time the market pulls back, I suspect that the value hunters again come back as we are starting to see crypto currency markets show signs of life again.
Ethereum rallied against the US dollar after initially dipping on Friday, reaching down towards the $560 level. We then reached towards the $600 level, which of course is a large, round, psychologically significant number. If we can break above that level, the market should continue to go much higher. I think that the $550 level will be a bit of a floor going forward, as the market has recently made a bit of a consolidation move, only to break out to the upside. I think that the upward momentum should continue, and I think that Ethereum is going to be strong over the longer term.
Ethereum markets initially pulled back during the trading session on Friday against the Euro, testing the €450 level for support. I believe that the market should continue to go towards the €500 level, as we have broken out over here as well. I believe the crypto currencies in general should continue to strengthen, and that of course should extend to this market as well. I believe that with the EUR/USD pair drifting a bit lower, that will probably put more upward pressure in this market as the value of the Euro itself is falling a bit. Ultimately, I think that the market should continue to go towards the €500 level, and then eventually the €600 level. I believe there is a “floor” in this market closer to the €400 level, so it’s not until we break down below there that I would be concerned about the uptrend.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.