ETH/USD has begun to show signs that speculators are targeting the magical 2000.00 mark. Cryptocurrencies are again emerging to the fore of business media news coverage. Ethereum’s major counterparts in the digital currency world are challenging highs also. While the word ‘magic’ is used for the 2000.00 price level of ETH/USD, what needs to be said is that the juncture certainly will act as an important psychological catalyst.
Last Friday, ETH/USD did penetrate the 2000.00 price tag and tested value near the 2042.00 level. However, late on Friday, ETH/USD also demonstrated its ability to stage one of its significant reversals downward which clearly aimed for the 1800.00 value below. Speculators within ETH/USD are cautioned not to blink while they are trading because it is possible that the next big move within the cryptocurrency can be missed.
The question all speculators need to ask is which direction the next surge will traverse. ETH/USD is a speculative asset and traders need to understand that the price dynamics are fast and frequently violent. Yes, ETH/USD has produced a magnificent rise in value. A look at a three-month technical chart is almost unbelievable, particularly if you have been able to enjoy the ride upwards and profit from the rapid move.
Speculative forces remain exuberant within ETH/USD, but traders should be careful not to get caught up in the party atmosphere being celebrated by influencers within the cryptocurrency world. Traders should attack and speculate on ETH/USD using logic. The move downwards in ETH/USD this morning appears to have come on a sell order via its volume indicator, which suggests that profit-taking may have been the motive. However, transparency within the cryptocurrency world is not abundant sometimes.
Speculatively, ETH/USD is trading below targeted resistance levels which have been tested and punctured higher consistently since the 18th of February. The bullish ability ETH/USD has demonstrated cannot be shrugged off and the cryptocurrency may remain a speculative buy when it hits important support levels.
Traders need to use limit orders with ETH/USD to activate trades, and stop loss and take profit orders should all be used while speculating on the asset. Buying ETH/USD around the 1860.00 to 1840.00 junctures remains a logical speculative perspective. If ETH/USD trades below the 1800.00 and support gets seriously ruptured, speculators need to pay attention to the 1787.00 juncture as an inflection point regarding near-term sentiment that could set off another wave of selling should it suddenly occur in a strong manner.
Ethereum Short-Term Outlook:
Current Resistance: 1921.00
Current Support: 1840.00
High Target: 1978.00
Low Target: 1787.00
