Ethereum continues to hang around the $1500 level, an area that we have been dipping around for the last three days in a row. After the initial surge above the 50 Day EMA, the Ethereum market has done very little. This tells me that the market is probably going to continue to see a bit of hesitation, and even if we break above here, it’s likely that the market could go looking as high as the $1800 level in the short term.
It’s worth noting that the $1800 level was significant support previously, so it should offer a significant amount of resistance on the way back up. There is a lot of noise between the $1800 level and the $2000 level, so I think of this more or less as a “zone of resistance.” In other words, if we can break above the $2000 level, then it would be possible to think that the market is in an uptrend again.