(Click on image to enlarge) Short-term pullbacks almost certainly will happen, but ultimately, I think that the $3300 level will continue to be significant support, which in and of itself is worth noting that we have seen this area as “fair value” between the $3000 level in the bottom, and of course the previously mentioned $3600 level. Bitcoin Still MattersRegardless of any of the nuances of the Ethereum market, it’s probably worth noting that Bitcoin continues to matter more than anything else. As we continue to see strength in the Bitcoin market, it makes a certain amount of sense that we will continue to see a lot of money flowing into the cryptocurrency markets, especially Ethereum as it always has played the role of “silver to Bitcoin’s gold attributes.” This isn’t to say that Ethereum itself can’t take off, it’s just that typically will follow Bitcoin.The altcoins will continue to see a bit of momentum as well, and this has a direct effect on the Ethereum market, mainly due to the fact that most of these altcoins run on the Ethereum ecosystem. In other words, if we are going to see cryptos in general run higher, that will have a direct effect on this market. That being said, everything reverts back to Bitcoin in the end, and therefore you need to keep an eye on what’s happening with BTC, and it’s journey to break above the $100,000 level. In fact, you can almost directly correlated the $3600 level in the Ethereum market to that barrier.More By This Author:EUR/USD Forecast: Euro Gains Amid Dollar WeaknessBTC/USD Forecast: Continues To See Buyers On DipsCAD/CHF Forecast: Loonie Gains Vs. Franc
ETH/USD Forecast: Pressures Major Resistance
