ETH/USD created a short-term high early this morning as it traded above the 2400.00 level for a moment, advancing past value attained on the 4th of July.
ETH/USD has been able to present an optimistic tone in early trading this morning. Ethereum was able to penetrate short-term resistance and advanced above prices seen on the 4th of July. ETH/USD traded near the 2407.00 mark momentarily, before stumbling back below 2400.00 as of this writing. However, the ability to create a high may be an encouraging step for bullish sentiment which has been hiding in the shadows.
The nearby junctures of 2400.00 and 2416.00 are technically resistance which should be watched in the short term. If those barriers become weak, bullish traders may believe the next legitimate target is the 2460.00 realm. Above this the 2495.00 would become a likely battle ground too, if ETH/USD were able to maintain upwards pace and challenge higher values.
Breaking above the 2400.00 mark earlier today was noteworthy because the last time ETH/USD traded near these heights was on the 17th of June. However, after stumbling lower upon hitting the higher values early today, ETH/USD will now have to prove it has enough bullish momentum to sustain a move upwards. Support levels will be looked at carefully and bearish traders who have feasted on reversals lower may believe this is another opportunity to catch another leg down.
Nearby support of 2375.00 should be earmarked and if it falters, traders will certainly believe the 2350.00 mark could become a target. Until ETH/USD proves it can create a strong drive upwards which has price velocity, speculators cannot be blamed for being skeptical about upwards breakouts. The longer the battle is fought around the 2400.00 juncture today, the more ETH/USD traders will grow nervous.
If ETH/USD is able to break above the 2400.00 level, bullish traders may want to aim for targets that seek additional momentum while aiming for quick-hitting action with take-profits ready near the 2416.00 ratio. If ETH/USD finds itself being pushed back by headwinds and challenges the 2375.00 to 2370.00 price levels, bearish traders may believe another selling wager is a legitimate prospect.
Conditions in Ethereum were fast early today, and ETH/USD may be ready to produce a breakout. The question is which direction will see the most force in the short term? Speculators may be inclined to suspect ETH/USD could move higher as part of a leg upwards in the near term and pursue fast trades that aren’t overly ambitious.
Ethereum Short-Term Outlook:
Current Resistance: 2416.00
Current Support: 2347.00
High Target: 2495.00
Low Target: 2249.00