Ethereum markets rallied slightly during the trading session on Wednesday, reaching towards the $520 level. The $500 level underneath has been supportive, as we continue to go back and forth in a volatile and sideways market. If we can break above the $540 level, the market should then go to the $550 level after that, perhaps to the $600 level. If we were to break down below the $480 level, then I think that the market could breakdown from there, looking towards the $425 handle. I think we are trying to form some type of base though, and this base should send this market higher, but obviously there’s a lot of noise.
Ethereum also did the same thing against the Euro during the Wednesday trading, with the €400 level underneath offering support. The €430 level above is resistance, and if we can break above there I think the market goes looking towards the €450 level beyond that. I believe that the market has plenty of support underneath though, so if we were to break down below the €390 level, then I think the market probably breaks down to the €350 level. In general, I think that this market should continue to find a bit of a basing pattern, so it’s likely that we could find a bit of value, but I also believe that you should be cautious about putting too much money to work, at least until we break out. In the short term though, it does look as if the buyers may be ready to make a move.