ETH/USD: Ethereum Traversing Support as Volume Decreases

Robert Petrucci

ETH/USD continues to move near important support levels as speculators wonder if the mid-term slump will remain durable.

ETH/USD remains near important mid-term support levels as the cryptocurrency finds it difficult to gather any type of steady momentum upwards. Trading volumes remain rather light also within ETH/USD as speculators try to decipher technical charts and perhaps await impetus to suddenly emerge. As of this morning, ETH/USD remains within sight of 2150.00, and this is likely not bringing comfort to bullish traders who have stubbornly pursued higher values.

Last week saw a high above the 2400.00 mark for ETH/USD, but since hitting this high on the 7th of July, the cryptocurrency has reversed lower. In fact, only one day later on the 8th of July, ETH/USD sunk to a low of 2048.00. In the past few trading days, ETH/USD has not been able to sustain an upwards drive and technically this highlights a concern that resistance levels seemingly continue to decrease.

ETH/USD was trading slightly below the 2000.00 ratio on the 2nd of July and, its current value, while not sitting on top of these prices, remains close enough to these junctures to serve as a reminder. Current resistance appears to be relatively close around 2186.00, and ETH/USD can still move quickly so this level could be tested quickly. However, the 2200.00 mark may become an important psychological hurdle if it is not toppled soon. If the price of ETH/USD consolidates beneath this resistance barrier, traders may believe another leg down could materialize.

Support is close to the 2100.00 level as of this writing and if this juncture begins to see a real test, bearish traders may believe the 2060.00 mark will demonstrate another test sooner rather than later. Traders looking for signals from this past weekend should acknowledge that volumes were low and the prices within the broad cryptocurrency market were rather tame. The lack of wild volatility as many cryptocurrencies continue to hover near important mid-term support needs to be contemplated.

While support levels around current price vicinities have proven to produce polite reversals higher, speculators who believe the ‘tone’ of the ETH/USD market remains bearish may believe opportunities lurk via selling positions. If ETH/USD fails to break above the 2200.00 level, traders may be tempted to sell on rises which come within sight of current resistance and then short Ethereum.

Ethereum Short-Term Outlook:

Current Resistance: 2186.00

Current Support: 2112.00

High Target: 2253.00

Low Target: 2003.00

ETH/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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