Briefly, Ethereum had fallen to number 3 in the crypto currency world based upon value. However, we have seen the market take over the number 2 level again, as the resiliency continues to prove itself. The market now seems to be knocking on the door of the $1250 level, which being broken to the upside should send this market much higher. At that point, I would anticipate a move to the $1300 level initially, and then longer-term I would look for the $1500 level. In the meantime, I think short-term pullbacks are buying opportunities as we build up the momentum necessary to break out. I think that the $1000 level underneath is probably the “floor” in the market, so therefore it’s not until we break down below that level that I would be concerned with Ethereum overall.
We have seen a lot of volatility in the crypto currency markets over the last couple of days, but at the end of the day we are also in a longer-term uptrend. The uptrend should continue, I don’t see anything changing in the short term, and with the softness in the US dollar in the Forex world, that should help Ethereum as well. The markets continue to be very noisy, but offer plenty of opportunities if you are patient enough on these dips. With the type of noise that we have seen lately, you are probably better off buying in little bits and pieces, and quite frankly I think it’s only a matter of time before there is another leg higher, but in the meantime building your position in anticipation is probably the best thing you can do for your account. Don’t jump in with both feet, remember you can always buy little tiny pieces and “dollar cost average” your way into which should be a longer-term trade.