Ethereum slightly bullish during Tuesday trading

Updated : May 16, 2018, 05:27 UTC•1min read

Ethereum the Virtual Money – Cryptocurrency – 3D Rendering

Ethereum markets rallied a bit during the day on Tuesday as we continue to see strength in the crypto currencies space. As I look at Ethereum, I recognize that there are a lot of levels around the trading area that we are in right now, and I believe there are

ETH/USD

Ethereum rallied during the trading session on Tuesday to reach towards the $740 level. However, we did flatten out in this area, so I think we could get a bit of consolidation in the short term. Ultimately, if we can break above the $750 level above, then Ethereum can continue to go much higher. The alternate scenario of course is that we pull back a bit, testing the $700 level underneath as massive support. I believe that we have recently completed a bit of a basing pattern, and now we are showing signs of an ascending triangle. Both of these are bullish technical patterns.

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ETH/EUR

Ethereum has also formed a bit of an ascending triangle against the Euro, as we test the €620 level handle. I think that if we can break to the upside, the market should then go to the €640 level above. Once we get past that, we should continue to go towards the €700 level after that. I believe that the €580 level underneath is a bit of a “floor” in this market, just as the ETH/USD pair has done, we have formed a nice basing pattern, and are showing signs of increasing bullish pressure. However, I think that the market continues to be very choppy to say the least, so I would be cautious when trading Ethereum, adding a little bit of a time.