ETH/USD weekly chart, April 23, 2018

Ethereum markets rally during the week

ETH/USD

The Ethereum markets initially dipped during the week, but then use the $500 level as support to go higher. It looks as if we are trying to break above the $600 level, and then perhaps reaching towards the $700 level. I think that it is only a matter of time before the markets go towards $800 again, but the markets have been shaken rather drastically, so it’s not a surprise that it is going to be difficult to jump into this market with both feet. I think that short-term pullbacks are still going to offer value, and if we can stay above the $400 level, eventually the buyers could gain a foothold in this market. It looks as if Ethereum is trying to rise from the dead.

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ETH/EUR

Ethereum markets initially fell during the week, reaching towards the €400 level before finding enough support to turn things around. We rallied to significantly to reach towards the €500 level, and it looks as if we may break above there. Once we do, I think the market is free to go to the €700 level rather quickly, and it looks as if we are forming a bit of a “floor” in this market just as we are against the US dollar. Ultimately, this is a market that I think has wiped out most of the “dumb money”, which allows for markets to climb again as the mania is all but dead. If we were to break down below the €300 level, that would be catastrophic, but it looks as if we have avoided that.

ETH/USD Video 23.04.18

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