Ethereum is near important highs last seen in September as it tests high water marks not sincerely traded since early July of 2018. ETH/USD climbed to almost 495.00 in late trading last night, but saw a violent spike downwards which took it to around the 462.00 price level. The current price of ETH/USD is near the 480.00 juncture which is slightly below what can be perceived as technical resistance around the 488.00 mark.
In early September the price of ETH/USD also traded within these current values, but it then experienced a bearish trend which saw the cryptocurrency decline to nearly 321.00 within a few days. The recent bullish trend of ETH/USD began in earnest the first week of November and has seen the cryptocurrency climb from about the 370.00 level to its current values. A one hundred USD climb in price the past two weeks is rather remarkable and shows a definite amount of speculative interest in ETH/USD.
The question is if another push higher will continue to be stoked or if ETH/USD will see a reversal lower. Speculators, as always when trading cryptocurrency, will have to be ready for the potential of spikes lower, but the mid-term trend of ETH/USD has been positive. Since the second week of March, ETH/USD has put in a significant bullish trend. The value of Ethereum on the 12th of March was trading slightly below the 100.00 juncture.
The bullish trend of ETH/USD has been powerful. Late yesterday's and early today’s challenge of resistance is intriguing because of its inability to sustain its movement higher. However, have no doubt that some cryptocurrency speculators are targeting the 500.00 mark within ETH/USD as a definite psychological juncture, and if it is punctured higher, it could set off a wave of strong speculative forces.
The ability of ETH/USD to remain near important short-term resistance should be watched carefully. If the cryptocurrency is able to sustain its current price values another burst of value higher is a tantalizing speculative choice to pursue. The trend of ETH/USD has been favorable for traders seeking higher values. Risk management is always important for cryptocurrency speculation, but a challenge and breakthrough of current resistance levels may develop sooner rather than later with a higher move.
Ethereum Short Term Outlook:
- Current Resistance: 488.00
- Current Support: 454.00
- High Target: 493.00
- Low Target: 439.00
