ETH/USD weekly chart, May 07, 2018

Ethereum shows signs of strength during the week after initially drifting lower

ETH/USD

Ethereum markets initially fell during the week, but then found enough support near the €625 level to turn things around and reach towards the €800 level. There is a cluster of noise just above, but I think if we can break above the €900 level, we will inevitably takeover the €1000 level. Short-term pullbacks could offer value for people to get involved, and I think that we will eventually see this market go higher. However, this is a week to week situation, and of course we will pay attention to the next candle. I anticipate the pullbacks are value that will be picked up though.

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ETH/EUR

Ethereum also initially fell against the Euro during the week but found enough support near the €500 level to rally significantly and reached towards the €700 level. This is an area that is very resistive just above, but I think if we can break above the €800 level, the market could go to the €1000 level. I think short-term pullbacks will be buying opportunities down to the €500 level, and I believe that until we break down below the €500 level, you should probably agree with the buyers. A break above €800 opens the door to at least €1000, but I think at that point we would probably go looking towards fresh, new highs again. Ethereum has been one of the stronger crypto currencies in the world lately, and I think it is going to lead the way for other markets.

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ETH/USD Video 07.05.18