Ethereum rallies during the weekEthereum markets rallied a bit during the week, showing signs of strength against both the US dollar and the Euro, as crypto currencies got back a bit of their mojo over the last several sessions.
The Ethereum market pulled back slightly against the US dollar at the open of the week, breaking below the $600 level only to turn around and rally again towards the $700 level. I think that the market will eventually go higher, perhaps reaching towards the $800 level after that. We have bounced rather significantly, and I think that the market is starting to attract some value hunting. The $800 level above should be resistance though, so if we were to break above there the market probably goes to the $1000 level. I think that we need to see a bit of stability to continue to find buyers, as the market continues to be very noisy.
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Ethereum rallied significantly during the week, breaking above the €500 level, reaching towards the €600 level. I think if we can finally break above there, we should then go to the €800 level. That’s an area that has offered resistance in the past, so I think it will in the future. I look at short-term pullbacks as a potential buying opportunity, unless of course we were to break down below the €500 level, and then perhaps we could go to the €400 level. I think that the market continues to struggle going higher, as there has been a lot of noise above. I think that longer-term traders might be interested in buying slowly, and holding onto a position, but that’s more of an investment than anything else. You need to be patient to ride out this move though, so keep that in mind.