Ethereum rallied slightly against the US dollar during trading on Tuesday but gave back most of the gains to form a relatively unchanged session. It looks as if the $540 level is offering resistance currently, but I think it makes sense that we continue to go higher based upon the higher lows that we have formed over the last couple of days. I think that there is a significant resistance barrier above at the $575 level, and if we can break above there the market really could start taking off towards $600. However, I suspect that rallies will be selling opportunities, and therefore I will look for signs of weakness to start shorting again.
Ethereum also tried to rally against the Euro but found enough resistance to turn around and lose a slight amount of value during the day. I think that if we can break above the €465 level, the market will be free to go higher, perhaps reaching towards the €480 level and then the €500 level. This is most certainly a bearish market, and I think that the €430 level underneath will continue to offer support, but it would not surprise me at all to break through that level and go looking towards more important support levels. At this point, I suspect that the €500 level is massive resistance, and therefore should be thought of as the “ceiling” in the market currently.