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Ethereum rallied a bit during the trading session on Monday as we continue to see a lot of interest in crypto markets overall. We've seen bitcoin go racing towards the $100,000 level and of course, a lot of the world is paying attention to that, but it does have a knock on effect over here in Ethereum. We've also seen a lot of alternative coins out there really take off, and that means that we will see more use of the Ethereum network, at least in theory.
From a technical analysis standpoint, the $3,600 level has been important multiple times, and it looks like we are at least trying to build up the necessary momentum to finally break above there. That doesn't mean that it happens easily, but it certainly looks like there is a lot of interest in this market suddenly, and we have seen a volume spike in this market just in the last few weeks. This could be a sign of renewed interest in the Ethereum market, perhaps as a“cheap way to play Bitcoin.”
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If we can clear the $3,600 level on a daily close, then I think we've got a real shot at perhaps breaking out towards the $4,000 level again. Keep in mind, the $4,000 level has been a massive barrier multiple times in the past, but I certainly think that we could break above there, especially if Bitcoin really starts to take off.
Short-term pullbacks at this point in time should continue to see plenty of buyers, especially near the $3,000 level where the 50 day EMA is starting to race toward. It is worth noting that crypto is highly volatile and with everybody jumping in all at once, it could give really big gains only to see a significant pullback shortly afterwards. Because of this, you need to be cautious with your position sizing, but it certainly looks like Ethereum is trying to follow right along with the Bitcoin market.
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