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.