Ethereum started out the year very strong, reaching above the $850 level. At this point, it appears that the market is trying to continue the upward pressure, and perhaps go looking towards the $900 level. Longer-term, we have just broken out of an ascending triangle that suggests we could continue to go towards the $1000 handle. Buying on pullbacks is probably what we are about to witness.
With Ethereum rallying in the way it has, and of course Bitcoin looking a bit soft, it makes sense that this market has rallied significantly. We are above the 0.06 handle, and looking very likely to continue going higher. Expect significant support at the 0.055 level. Buying on dips should work out.
Thanks for watching, I’ll be back tomorrow.