Ethereum rallied against the US dollar during most of the session on Monday before pulling back slightly. However, I think that we will eventually find buyers back into this market, especially near the $620 level, an area that has been resistance in the past. At the first sign of a bounce I am more than willing to start buying this market as I believe we will continue to find value hunters coming in. If we did breakdown below the $620 level, then we would probably test the $600 level after that. I believe that the support extends down to at least $580, so at this point I don’t have any interest in shorting. I think that the longer-term target to the upside is closer to the $700 handle.
Ethereum also rallied against the Euro, reaching as high as €525 during the trading session, only to pull back slightly. It looks as if there is plenty of pressure underneath to keep this market going, and I think that the €500 level will of course be an area that should attract a lot of attention. I believe it extends down to the €480 level, so I’m waiting to see whether we get a bounce or supportive candle to start buying. This market should continue to be one that shows plenty of value occasionally, as we have seen the crypto currency markets make a significant come back recently. I believe that the ETH/EUR pair will go looking towards the €500 level. Beyond that, we are probably looking towards the €600 level.