Ethereum markets rally significantly during the week

ETH/USD

Ethereum markets rallied significantly during the Thursday session, making this a very positive week. Friday was also reasonably bullish as well, but as we approach the shooting star from 3 weeks ago, it shows that there is a significant amount of resistance near the $600 level. Because of this, I think that we could get a short-term pullback, but if we can break above the $600 level, that could send this market much higher. It does look like we’re trying to make a significant turnaround, but these moves are very rarely clean and quick, they typically involve a lot of choppiness, so patience will be needed if you are looking to hold on to Ethereum for the longer-term.

ETH/EUR

Ethereum markets did the same thing against the Euro as well, breaking above the €400 level during the Friday session. We have a shooting star from 3 weeks ago as well, looking towards the €500 level as massive resistance. A break above that level should send this market towards the €600 level, the next area of interest. I think that even though this has been a very bullish week and a very strong technical signal, if you are bullish of this market you will need to deal with a lot of volatility. These swings don’t happen overnight, and it tends to be more of a building phase than anything else. We will more than likely pull back, try to find buyers underneath, and then continue to go higher. Currently, it looks as if the €300 level is the “floor.”

ETH/USD Video 16.04.18