Ethereum rallied against the US dollar after initially dipping on Friday, reaching down towards the $560 level. We then reached towards the $600 level, which of course is a large, round, psychologically significant number. If we can break above that level, the market should continue to go much higher. I think that the $550 level will be a bit of a floor going forward, as the market has recently made a bit of a consolidation move, only to break out to the upside. I think that the upward momentum should continue, and I think that Ethereum is going to be strong over the longer term.
Ethereum markets initially pulled back during the trading session on Friday against the Euro, testing the €450 level for support. I believe that the market should continue to go towards the €500 level, as we have broken out over here as well. I believe the crypto currencies in general should continue to strengthen, and that of course should extend to this market as well. I believe that with the EUR/USD pair drifting a bit lower, that will probably put more upward pressure in this market as the value of the Euro itself is falling a bit. Ultimately, I think that the market should continue to go towards the €500 level, and then eventually the €600 level. I believe there is a “floor” in this market closer to the €400 level, so it’s not until we break down below there that I would be concerned about the uptrend.