Ethereum has finally done it, breaking above the $316 level. This is very likely going to be the beginning of a rally towards the $350 level, so therefore I think that short-term pullback should be buying opportunities and the $310 level should offer support. We are a little bit overbought at this point, so look at pullbacks as opportunities to go long.
Ethereum rallied against Bitcoin as well, reaching towards the 0.045 level. We are in overbought territory when it comes to the stochastic oscillator, so I think we could see a bit of a pullback and a move towards the 0.04 level underneath again. If we were to break out to the upside, I suspect that there is even more resistance at the 0.05 level, so I would only be more interested in selling to the upside of here.
Thanks for watching, I’ll be back tomorrow.