Ethereum is looking bullish against Bitcoin, lets take a closer look at the market.
The Ethereum market is experiencing a very strong bullish trend right now in my opinion. We can see higher highs and higher lows, and where the other markets started to dump Eth kept on going.
With that said this is great buying momentum for any commercials to sell into and I will keep that in the back of my mind as the volume continues to dwindle. If we fail to consolidate above 0.084 going into the week, 0.083 will be the next line of defence.
With all that said I am a bull on the Ethereum market, however I will put on my bear suite if my above mentioned support zones fail.
Lets have a quick look at Ethereum versus the US Dollar.
When we look at the Dollar chart we can see that Ethereum is still in sync with Bitcoin when it comes to the USD. This is a good example of a divergence between the two trading pairs and higher risk traders would like to bet that one should catch up with the other.
All gambling talk aside, there seems to be a show of force from the bulls above $600, and the bears dropping off their bags above $700. Even though the market has been quite volatile in my opinion this is a good correction after the push to $830.
What to look out for?
At the moment near term support is around $660 and resistance is at $720. Volume is low so we will wait for the price action to show us the way.
Like usual if support fails, expect lower prices, if resistance gets beaten, well, it might be the return of the bulls.