Ethereum markets rallied a bit during the steady session on Thursday as we continue to see crypto currencies recover. It looks likely that Ethereum is going to continue to go higher from here.
Ethereum markets rallied against the US dollar during the trading session on Thursday, breaking towards the $550 level. I think there is more than enough support underneath to keep the market go higher though, and I believe that the $500 level underneath is a massive “floor” in the market. I think that short-term pullbacks continue to offer value the people will take advantage of, as crypto currencies in general have shown signs of life. I think that the ETH/USD pair will eventually continue to find buyers on short-term pullbacks, as they offer value. If we break down below the $500 level though, that could send this market much lower. I recognize that crypto currency seemed to be forming some type of base for a larger move, and that should translate to this market.
The Ethereum markets rallied a bit during the trading session on Thursday, breaking above the €430 level, perhaps reaching towards the €450 level after that. The $450 level of course is a large, round, psychologically significant number, and I think that short-term pullback should be buying opportunities. I believe that the €400 level is a support barrier, and I think that a pullback towards that area should be a buying opportunity. If we can break above the €450 level, the market will probably go to the €475 level and then possibly the €500 level after that. Ethereum will obviously follow the overall attitude of Bitcoin, so keep that in mind. The alternate scenario of course is that we break down below the $400 level, which would be very negative and could send the market much lower.
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.