ETH/USD
Ethereum markets went sideways during most of the session on Monday, trading between $670 on the bottom, and $700 on the top. If we can break above the $710 level, that would be a sign that the buyers have taken over again, and we could go higher from there. I do believe the dips will probably be bought, but we are currently looking for some type of momentum. $40 level underneath should be support, and as we continue to grind higher, I think that the market will eventually get the necessary momentum to break out. The question is when it happens?
ETH/EUR
Looking at Ethereum against the Euro, you can see that we are clearly pressing up against the €580 level, an area that has been resistance in the past. A break above that level could confirm an ascending triangle, or at the very least the getting of a longer-term uptrend channel, both of which are very bullish signs. The EUR/USD pair has been breaking down a bit during the day, so it’s no surprise that Ethereum would do well against the Euro, as it struggles in the Forex markets. If we were to break below the €550 level, that would be a very negative sign, perhaps unwinding the pair down to the €500 level next. Longer-term though, I believe that value hunters continue to come in and pick up dips as they offer a nice intrigue, and that we will break above the €600 level relatively soon, perhaps in the next couple of days.