So again, that’s another reason to be somewhat optimistic when it comes to Ethereum. If the market were to break out to the upside, the 50-day EMA sits right around the $3,350 level and is shrinking a bit, but ultimately, it’s only the 50 day EMA. It only causes a little bit of reaction most of the time. And quite frankly, over the last couple of months, we’ve sliced through it multiple times. Massive Support Underneath 
So, I’m not overly concerned about that, a move above does open up the possibility of the market going look into the $3,600 level. I believe that the $3,000 level will continue to be massive support. And as long as we can stay above there, I still feel this is a more or less buy the dip type of market. I understand it’s not Bitcoin and I understand there are some inherent differences, but you should also keep in mind that if Bitcoin takes off to the upside, that will probably help Ethereum as well, as it does typically at least track in the same general direction. Overall, cryptocurrencies are somewhat sideways at the moment, as we are trying to sort out what the Americans are going to do with the new pro crypto administration. That should help Ethereum eventually, but right now we’re, I believe, in wait and see mode.More By This Author:EUR/JPY Forecast: Euro Struggles Near Key Levels Against YenUSD/JPY Forex Signal: Surges As Rate Gap Favors DollarSilver Forecast: Stuck In Volatile Range
