Ethereum markets explode to the upside during the trading session on Thursday

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Ethereum markets initially rally during the trading session on Thursday, pulled back to find support, and then exploded to the upside. Crypto currency markets in general finally have seen strength of significance, and that of course translated to higher Ethereum prices. · FX Empire

Christopher Lewis

Updated Thu, Apr 12, 2018, 11:01 PM

ETH/USD

Ethereum markets took off against the US dollar during the trading session on Thursday, reaching towards the $475 level. The market looks likely to see a lot of volatility, but I think that we will see pullbacks offering buying opportunities. The market looks likely to reach towards the $500 level above, which is a large, round, psychologically significant figure. I also believe that the 425 level is the beginning of significant support, and it now looks as if we have finally started to form a nice bottoming pattern which could send Ethereum much higher. Obviously, if we can break above the $500 level, the market should go much higher.

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ETH/EUR

Ethereum markets continue to be very noisy against the Euro as well, and as we exploded during the upside on Thursday, it looks likely that we are going to go towards the €400 level next. I believe that short-term pullback should be buying opportunities, but it will be a very choppy and difficult market occasionally. If we can break above the €400 level, the market should then go to the €450 level beyond that. The €320 level underneath is the “floor” in the market, giving us an opportunity to build a large basing pattern over here as well. Once we break above the €400 level, I think that fresh, new money will come back into this market. In the meantime, I expect a lot of volatility in choppiness in what will be a difficult situation ahead of us.

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