Ethereum rally during the session on Tuesday, after initially going sideways just below the 0.08 level. Now that we have broken above there, the market looks as if we are going to continue to go higher, as we have touched the 0.084 handle. The impulsive move is testing significant resistance near the 0.085 level, and it looks likely that we are going to break above there, extending the gains even further. Ethereum has had a strong session against other currencies, and although Bitcoin looks relatively strong, Ethereum is a bit of a laggard. Because of this, there’s a little bit of catching out that the markets going to have to accomplish, and that should continue to push money into this market.
The 0.10 level.
I believe that the 0.10 level is the longer-term target going forward, as we continue to see plenty of buyers. I think that it might be very impulsive, and we could continue to go even further to the upside. Ultimately, if we break down below the 0.078 level, that would completely wipe out the bullish move, and that could turn things around rather quickly. However, I think that this impulsivity that we have seen during the Tuesday session signals that we are going to continue to see buyers enter this market based upon value on pullbacks. Look to short-term charts for your buying opportunities, as I believe that we will not only reach the 0.10 level, but perhaps even higher than that. Although I do like Bitcoin, I believe that Ethereum has been building up momentum to gain against other currencies, and this market of course will be any different. Unless we break down below that massive support level, I see no opportunities to short this market and I think that buyers continue to send us higher.