Ethereum (ETH/USD) Analysis August 8, 2017
Ethereum had a bullish move during the Monday session as it looks to extend gains. This market is enjoying a strong surge just as most cryptos are as of late. Now that we are starting to see some impulsive moves, it is likely that the market can continue to the upside, allowing for the opportunity to add to already positive trades. The addition of funds should be small though, as the volatility could pick up.
The $270 level seems to be sight resistance but should be overcome rather easily. The level hasn't been a major factor in the past, and the Bollinger Bands are starting to point higher anyway. The market isn't overextended, and this should help with confidence as well. Currently, I see the $260 level as support and expect the $250 level to be even more supportive. This should continue to hold going forward.
I believe that there are going to be plenty of 'buy the dips' possibilities in the short-term and that the longer-term traders are still hanging on. The US dollar will, of course, be something to pay attention to, as it is half of the equation. However, the Forex world has recently been very bearish of the greenback, so this has a positive effect on the crypto markets anyway. I expect to see this market going to the $300 level in the medium-term, with several short-term pullbacks offering a chance to build up positions over the next several days.