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

The Ethereum markets initially fell during the week, but then turned around to show signs of strength again. By doing so, we continue the rally that we have seen over the last month, and I think that Ethereum is probably going to lead the way for other crypto currencies. · FX Empire

Christopher Lewis

Updated Fri, May 4, 2018, 11:50 PM

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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