Ethereum markets rallied significantly during the day on Tuesday, as traders came back from holiday. By doing so, we have broken above the $850 level, and it’s likely that the pennant being broken to the upside should send this market much higher, pennant measures for a move to the $900 level. It makes sense that we would reach their, and not only because of the measured move, but the large, round, psychologically aspect of the number. It is also worth mentioning that the top of the Bollinger bands on the hourly chart measures at the $900 level as well.
ETH/USD Video 03.01.18
I believe the pullbacks will continue to offer buying opportunities, as Ethereum has obviously gone into a bullish mode. I think that the market will eventually look towards the $1000 level above, which is a measured move based upon longer-term charts. Ultimately, the $1000 level above will of course offer a significant amount of resistance, as there of course has plenty of importance. I believe that Ethereum markets will continue to do quite well, and it could start to eclipse what we are seeing in the Bitcoin market. I think that if we were to fall from here, the $800 level should be massively supportive, based upon the previous resistance. Ethereum should continue to do quite well against the US dollar as well, mainly because the US dollar itself has been very soft. In general, I believe that the markets continue to offer a “buy on the dips” scenario, and is not until we break down below the $750 level that I would be concerned about the short-term uptrend. Longer-term, I believe that Ethereum will break above the $1000 level, probably sometime later this month.