Ethereum markets recover slightly on Thursday

Ethereum markets rallied a bit during the day on Thursday, as we have recovered from some selling pressure over the last couple of sessions. The market looks likely to continue to go higher as we have been forming a bit of a “basing pattern”, but we also have a little bit of resistance above, so I would expect choppy conditions. The most important thing to take away from the market is that it seems to have a bit of a “floor” underneath. · FX Empire

Christopher Lewis

Updated Thu, May 10, 2018, 10:42 PM

ETH/USD

Ethereum rallied slightly against the US dollar during the trading session on Thursday as the US dollar was hit by a lower than anticipated CPI figures. The $780 level above offers resistance, and I think if we can break above there we will probably test $800 next, followed very quickly by $840. I also recognize that there is a bit of a “floor” at the $700 level, so it’s very possible that we may pull back in the meantime to build up enough momentum to finally go higher. It’s not until we clear the $700 area that I would be concerned about a move lower. In fact, I have a sell rating just below $680.

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ETH/EUR

Ethereum also rallied against the common currency, reaching towards the €650 level. That’s an area that has a bit of resistance, and if we can break above there we will test the €660 level next, followed by €690. I do think that there’s plenty of support underneath, but we may need to pull back to build up the necessary momentum over here as well. In general, this is a market that has been basing for some time, and the slow, gentle grind higher has been exactly what traders need to see to build up confidence in a rally.