Ethereum markets rally during stable Wednesday session

ETH/USD

Ethereum markets went sideways initially during the trading session on Wednesday but found enough momentum to break above the $420 level. By doing so, it looks as if the market is trying to rally from here, perhaps reaching towards the $450 level again. If we can clear the $460 level, then the market would be free to go higher. Until then, I think that buying short-term dips might be a way to play this market from a short-term standpoint, but longer-term traders are going to need to be very patient. Right now, it appears that the $360 level is trying to offer significant support.

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ETH/EUR

Ethereum also rallied against the euro, breaking above the €340 level at one point during the day. The market continues to chop around, but I think there is a significant amount of resistance at the €350 level, and I think it’s going to take a significant amount of momentum to break above there. If we do, then the market is free to go to the €400 level, but I think we will more than likely see some type a pullback between now and then. If we break down below the €315 level, then I think that the market will probably unwind towards the €300 level after that. I expect volatility, but with the EUR/USD pair going higher, Ethereum is going to have a harder time breaking out against this currency in relation to what’s going on in the Forex markets.

ETH/USD Video 12.04.18

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