Ethereum markets rallied a bit during the trading session on Thursday, reaching towards the $580 level before running into a bit of resistance. Ultimately, there is a significant amount of resistance towards the $600 level, and then the $620 level. I think it’s only a matter time before the sellers get involved and start shorting again, but I think that it might be a bit difficult to jump in with a huge position because we have so much in the way of volatility. The markets are reacting to several different geopolitical issues as well, so I think that we could break down a bit from here in favor of the US dollar looking for safety.
Ethereum markets rallied a bit during the trading session against the Euro as well, reaching towards the €500 level. That is a major round number obviously, and that could extend to the €525 level, and I think that it’s only a matter of time before the sellers get involved and push this market. I believe that we are starting to rollover in general, as the downtrend should continue. The market should have a significant amount of noise around the €450 level and extending down to the €420 level. Market participants continue to be very skittish, and I think that’s going to continue to be the case as crypto currency markets have a lot to think about beyond the scope of the geopolitical. Quite frankly, the market that is in its infancy, it’s difficult to get a grasp on where things are going to go.