ETH/USD daily chart, May 03, 2018

Ethereum markets rally during Wednesday session


Ethereum markets rallied during the trading session on Wednesday, reaching towards the $700 level above. It looks as if that level will offer a certain amount of resistance, as seen recently, but every time we pull back I think we are trying to build up enough momentum to finally break through it. This is a particular strong signal, considering that the US dollar has been strong in the Forex market simultaneously. If anything, this market should be falling based upon greenback strength. A break above the recent highs at the $710 level should send this market towards the $725 level next, and then eventually the $750 level. I believe that there is more than enough support extending down the $600 level to make the dips in this market attractive for buyers.

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Ethereum acted very similarly against the Euro, reaching towards the €600 level. If we can break above that level, it’s likely that we would go another €100 higher rather quickly. In the short term, I believe the dips are momentum building exercises, and that we have more than enough support extending down to the €500 level to keep this market afloat. In fact, it looks as if we are at the precipice of forming a longer-term “cup with handle” pattern, which is a very bullish pattern indeed. It will be interesting to see how things play out, but if we were to break down below the €500 level, that could have this market unwinding. Currently though, it looks as if the buyers will continue to be very aggressive.

ETH/USD Video 03.05.18

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