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MENAFN- Daily Forex)
During my daily analysis of the Cryptocurrency markets, the Ethereum market has captured my attention as we initially pulled back a bit, only to turn around and show signs of life. At this point, the market is currently hanging around the 50 Day EMA, a technical indicator that a lot of people will be paying close attention to. Furthermore, we are in the midst of some consolidation which I think could offer a little bit of a cushion on the pullback, so I think given enough time we very well could see this market take off to the upside.
That being said, it would not surprise me at all to see a lot of noise in the short term as traders are waiting to see what happens next with the crypto markets, as the Donald Trump administration takes over the reins of power in the United States. While this administration is more pro-crypto than any other one before it, the reality is that we have not seen any real movement as far as legislation is concerned, so there are still a lot of questions out there as to what happens next.
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The technical analysis for this market is very neutral, but I do see a lot of support underneath that could come into the picture to help lift Ethereum over the longer term. The $3000 level of course is a major support level, but we also have the 200 Day EMA near the $3150 level that could come into the picture to offer support as well. I have no interest in shorting Ethereum, for me it is obvious that the market is well supported just below. I think all things being equal, the market is likely to continue to see a lot of value hunting on these dips, but as per usual, we will also be watching Bitcoin, because it tends to lead where everything goes over the longer term.
During the current market action, we've seen Bitcoin do fairly well, but it is still somewhat sideways as well, so I think that has a bit of a“knock on effect” as to what happens in the Ethereum market, so I think we are simply in a phase of accumulation.
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