- Ethereum has been very choppy over the last couple of weeks but has seen a bit of buying pressure during the trading session on Wednesday.
- At this point, it’s very important to remember that Ethereum is in the process of trying to form some type of bottoming pattern, but right now we still have to wait and see whether or not we can get anything along the lines of buying momentum.
Resistance Above
Ethereum will continue to be somewhat sluggish until Bitcoin can take off to the upside, but I also recognize that we are in a very interesting area, as the region between the $2800 level and the $2400 level has been important more than once. If the market can break above the $2850 level, then I think you have a real shot at Ethereum breaking out to the upside perhaps trying to get to the $3400 level. Nonetheless, this is a market that also continues to see a lot of outside pressure, due to the fact that Ethereum is considered to be the “lesser of the 2 major markets.” After all, Bitcoin is going sideways, so it’s a bit difficult to imagine that Ethereum is suddenly going to take off to the upside.
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Short-term choppiness and volatility I believe will continue to be normal, and therefore I think you’ve got a situation where short-term pullbacks will probably be buying opportunities for those who are true believers in Ethereum, and perhaps even more importantly, the altcoin ecosphere, as Ethereum is a major backbone of that world.
All things being equal, I do think that we have a bit of an uphill climb ahead of us, but I don’t necessarily want to start shorting Ethereum anytime soon. I think much like Bitcoin, people are just simply accumulating Ethereum at the moment, waiting for the next bullish move higher. Whether or not that happens now, or 2 months from now, we just don’t know. However, it certainly looks as if we are in a significant demand zone.
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