Ethereum went sideways against the US dollar during trading on what would have been a very quiet Tuesday session. It looks as if the $500 level is going to offer support, and I think if we can stay above that level, the market will finally go much higher, perhaps reaching towards the $540 level and breaking above that minor resistance barrier. Once we do, the market could go to $600 rather quickly. The alternate scenario of course is a breakdown below the $480 level, which would send the market looking towards the $425 level next. I think that Ethereum will follow Bitcoin as it typically does, so pay attention to that market as well.
Ethereum also was quite against the Euro, as the crypto currency markets in general were quiet. The €400 level underneath offers support, and a breakdown below that level could have the market looking for the €350 level next, but I believe that the support is holding, and we could go towards €440, and a break above there could even have the market looking for the €500 level. Pay attention to the ETH/USD pair, because if it breaks out of the levels that I had mentioned, that should drag this market right along with it. If we do break down, I think it will be a simple rebalance and people will be looking for value underneath to take advantage of what could be a nice base of support that had been formed during the previous week. Obviously, most crypto currency markets will continue to move in tandem.