- During the trading session on Monday, we saw quite a bit of noisy trading around the world, but it is worth noting the crypto in general did fairly well.
- This was led by Bitcoin as usual, with Ethereum simply following suit.
- Ethereum does tend to be a bit of a laggard for Bitcoin, so this makes this particular market very interesting at the moment.
- After all, if it does decide to play “catch up”, that could mean that this is a little bit of a sleeper for a bullish run.
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This is a market that looks like it is supported at lower levels, specifically the $2400 level, which has been quite reliable over the last several weeks. Furthermore, we have the 50 Day EMA indicator showing signs of support in that general vicinity as well, so be aware of the fact that technical traders will be looking at this area very closely. Furthermore, the 200 Day EMA is sitting in the same area as the bottom of the candlestick, so I do believe that we have a situation where there are plenty of traders looking at this as a potential buying opportunity.
On the upside, I believe this is a situation where the $2800 level is an area that people could be aiming for, and an area that might be difficult to break above. However, if we get Bitcoin breaking above the $112,000 level, that opens up the possibility of Ethereum taking off to the upside as well. In that environment, we could see Ethereum hit the $3200 level. That being said, whenever I trade Ethereum, I have to keep an eye on Bitcoin as well, as it has such a major influence on anything crypto related.
Expect a lot of noisy and choppy behavior, but also, I think that most things favor the upside at the moment, and therefore you need to be looking at this through the prism of buying on the dips until something changes. If we were to break down below the 50 Day EMA, we may have to “reset” closer to the $2000 level.
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