Ethereum markets initially pulled back a bit during the trading session on Friday but found enough buyers to turn things around and start rally again. The market looks likely to go looking towards the $700 level next, and then perhaps even the $800 level. I think that short-term pullbacks are reason enough to buy as we have seen such a nice move higher, and they should represent a bit of value. The $600 level underneath would be a floor, and I think that longer-term it should continue to be a market that is supported. Every time we rally going forward, I think that the buyers will add to core positions.
Ethereum markets went sideways initially against the Euro on Friday, then reach towards the €550 level after that. I think that the market should continue to go to the €580 level, and then eventually the psychologically important €600 level. I think that the market will find more than enough support at the €500 level underneath to continue the uptrend. Ultimately, every time we pull back, it’s a buying opportunity for those who are cautious. Adding to your position is probably the best way to go, as it does look like we have plenty of buying pressure, so ultimately that should continue to push. I think that the market will eventually try to go to the €800 level above, based upon longer-term charts. It will take a while to get there, but I think that area could be very resistive so keep that in mind. I’m not interested in shorting until we break down below the €500 level.