Ethereum markets rally during the week, reaching towards the $1400 level but failing. I believe that the market continues to find bullish pressure overall, but longer-term traders will probably be looking for pullbacks to take advantage of value. We are overstretched add just about any metric you measure it by, so having said that I think that it’s very likely that the markets will offer plenty of opportunities going forward. I believe that the $800 level should be an area that offers plenty of support, and would love to see this market drove down to that level. However, we may not get that opportunity based upon the momentum. Because of this, adding slowly is probably the way to go for longer-term traders, using dips as entries.
Adding as it goes in your favor off of short-term charts probably makes the most sense, as longer-term traders will certainly be looking to hold on to the gains, but I think if you are cautious and look at lower time frames, you can get better pricing on your trade, which at the end of the day leads to better profits. Obviously based upon the chart, there’s almost no way to short this market, at least not from a longer-term perspective. Ethereum is probably the strongest looking crypto currency that I follow, and with that being the case it makes sense to make this a “buy only” market. Expect volatility, but with an upward slant.