The Ethereum markets rallied slightly during the week, but it was in a very thin market obviously as we are between 2 major holidays. I think that we should continue to see massive amounts of volatility in this market, so I like the idea of buying pullbacks, with the assumption that the $500 level will offer massive support. It was a significant break out to the upside, so it makes sense that we would see the buyers interested in that area, especially considering how much volume we saw at that region. Ultimately, I think that we are going to go looking towards the $1000 level, but it’s going to take a while to get there. I suspect that most of the crypto currency markets are overbought as well, so it’s only a matter of time before we see some type of corrective move. Corrective moves should not scare you though, they should be an opportunity to pick up value in what is obviously a very strong bullish market.
ETH/USD Video 02.01.18
It’s not until we break down below the $400 level that I can be concerned about Ethereum, and I think that the $1000 level is a bit of a self-fulfilling prophecy in this market, and I think that the traders will continue to push towards the upside. However, if you are an investor or at least a savvy traitor, you need to find value, not premium. Adding on the dips continues to be the best way to go forward, as we can build up a larger position and take advantage of what I think it’s going to be a very strong uptrend going into 2018.