The past week of trading in ETH/USD has achieved many elements that cryptocurrency speculators crave.
ETH/USD achieved new high values in trading last night as the cryptocurrency continues to display strong buying momentum. ETH/USD has also delivered a rather polite dose of volatility, which may be allowing speculators an opportunity to wait for pullbacks which come within technical support to launch additional buying positions. Ethereum additionally received a dose of positive influence when Mark Cuban spoke with positive sentiment regarding the digital currency last week.
As of this morning, ETH/USD remains near the 2100.00 mark and, if the level is sustained, it can certainly spark another run higher. A high of 2150.00 was reached late last night, which surpassed highs made on the 2nd of April when ETH/USD reached the 2144.00 level. Predicting the next high of ETH/USD from a technical viewpoint is a guessing game, except to say numbers typically mirror psychological barriers, which are easy to imagine. Certainly the 2200.00 level is a target for ETH/USD backers.
However, after achieving highs late last night, there was a reversal lower, which saw ETH/USD slump to the 2080.00 level approximately. This mark may be a short-term support level for speculators, but as traders of cryptocurrencies know, price junctures often fail to deliver adequate protection when conditions are fast. ETH/USD remains exuberant and its major crypto counterparts are also seeing plenty of upside price action the past five days, but reversals lower have been seen too.
These reversals lower certainly can provide speculators an opportunity to buy into the current cryptocurrency marketplace. There is no denying that a strong bullish trend remains intact for the time being and stepping in front of the existing trend and betting against it may prove to be extremely dangerous.
Current support levels should be monitored and, if the 2080.00 to 2050.00 junctures fail to hold, the 2030.00 level could be interpreted as another support level worth considering. Traders need to stay alert within ETH/USD and gauge conditions; they should look out for profit-taking which will certainly be seen at these higher values. The 2000.00 level should serve as a key inflection point for ETH/USD and if it is maintained, even if selling momentum tests short-term support, buyers may continue to dominate the market short term.
ETH/USD remains within the thrall of an admiring crowd. The price of the cryptocurrency continues to make resistance levels appear vulnerable and record highs continue to be demonstrated. Near term, ETH/USD remains a positive speculative wager, and the word wager should be highlighted within the mindset of all traders.
Ethereum Short-Term Outlook:
Current Resistance: 2125.00
Current Support: 2070.00
High Target: 2175.00
Low Target: 2030.00