Ethereum markets fell against the US dollar again during the week, with a special emphasis on the Friday session as we lost over 5% during that day. However, when you look at the longer-term charts you can see that the $500 level has been somewhat important more than once. We are forming a bit of a hammer like candle, so that suggests that perhaps the buyers are getting ready to jump in again. If we can break above the top of the range for the week, Ethereum could find itself rallying towards the $600 level, possibly even the $700 level after that rather quickly.
Ethereum markets also fell against the Euro, bouncing from the €400 level during the week. However, this candlestick is even more shaped like a hammer, and looks more like a classic reversal signal. If we can break above the top of this hmmer, then I believe the market will go looking towards the €500 level in the short term, and the €600 level longer term. This could be the beginning of Syria’s support. However, if we break below the bottom of this hammer, the market will almost assuredly reach towards the €300 level which is even more supportive. Longer-term, it’s hard to tell where we go but it certainly looks as if the market is starting to offer enough of a value proposition for at least some buyers to step in. Expect a noisy couple of weeks, but I do think that they will be very crucial ones.