ETH/USD
Ethereum break above the $700 level during early trading on Wednesday, as we continue to bounce around overall. The $680 level has offered support again, so that is a good sign. However, there is a certain amount of resistance to be found near the $740 level, so I think that this is a return to the consolidation more than anything else. Ultimately, I think that we could break out, but we need to clear the $740 level on a daily close to be convinced of a bigger move. In the meantime, I think that playing this range with a range bound system featuring something along the lines of the stochastic oscillator may be the way to go.
ETH/EUR
Ethereum markets rallied against the Euro as well, testing the €600 level. The €580 level has offered support again, so much like against the US dollar, it looks like Ethereum is ready to continue the overall consolidation. I believe that this market will eventually break above the €620 level, and when it does it will probably look for another €20 at that point. Pullbacks should continue to be buying opportunities extending down to at least the €540 level, which I see as the “base” of this consolidated rectangle. I have no interest in shorting, at least not right now. However, if we did break down below the €500 level I would be very negative, at least for the short term. I believe that Ethereum is going to continue to outperform many of the other crypto currencies, including Bitcoin as it has struggled a bit.
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