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MENAFN- Daily Forex)
Ethereum has rallied rather significantly during the trading session on Friday to break above the crucial 50 Day EMA, and now it looks as if it is trying to do what it can to stay above the $3400 level. The $3400 level of course is a significant area that we have seen a lot of action in previously, so it does make a certain amount of sense that we are stalling in this general vicinity.
Ultimately, the size of the candlestick is very bullish, and it suggests that we are ready to continue to go higher, perhaps reaching the $3600 level. All things being equal, this is a market that had recently bounced from a crucial $3000 level, which is an area that's been important multiple times. The market is likely to continue to see the $3000 level as a major floor in the market, especially as the 200 Day EMA sits in that same general vicinity. All things being equal, I believe that Ethereum continues to go higher, but we also have the drag from the Bitcoin market being somewhat consolidated.
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The technical analysis for Ethereum is starting to get better, now that we have pierced the 50 Day EMA, and now it looks like we are trying to get to the $3600 level. The size of the candlestick does suggest that there are plenty of buyers in this market, but I also would be a bit cautious about chasing the market if I could avoid it. A little bit of a pullback might go a long way in order to offer value, but it's obvious that the Ethereum market is hanging around after bouncing from a significant support level. In fact, it's not until we break down below the $3000 level that I would consider shorting this market.
Longer term, the market is probably going to return to the $4000 level, but it probably needs help from the Bitcoin market as that market is bullish in general, but it is also in a larger consolidation area. I suspect that if and when Bitcoin breaks above $110,000 the Ethereum market should take off as well.
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