ETH/USD remains within the top tier of its mid-term range as it hovers below important resistance levels which attained a high on the 23rd of August.
As the month of September prepares to get started, ETH/USD appears as if it has the capability of entering the month within the upper tier of its mid-term price range. On the 3rd of August ETH/USD was trading within sight of the 2400.00 level, having seen lows on the 20th of July near the 1700.00 mark. Ethereum has enjoyed a solid amount of upwards momentum in the past month as positive buying has been displayed repeatedly.
Intriguingly, the low of ETH/USD after hitting its mid-term high only one week ago, slipped to about 3050.00 on the 25th and 26th of August. The lack of a spectacular selloff may entice more buying wagers as Ethereum continues to display a rather steady and capable amount of value and support. Certainly things can go south in a hurry, ETH/USD is one of the major cryptocurrencies and if the market suddenly turns volatile a strong decline is never out of the question. Having suffered through a substantial bearish trend from May until nearly the end of July, ETH/USD cannot be treated as a one way ticket upwards.
However, the current momentum in ETH/USD does open the door to potential speculative positions being wagered which look at the current price of the cryptocurrency and believe it may have further room upwards to attain. The high in value of nearly 3400.00 on the 26th of August touched prices not experienced since the middle of May. Yes, ETH/USD remains well below its apex highs of nearly 4400.00 which were achieved on the 12th of May. Yet ETH/USD is nearly double its value after touching a low water mark in late July.
Ethereum and the other major cryptocurrencies remain speculative assets and this is not about to change anytime soon. The ability of ETH/USD to nearly double its value within the span of one month of trading, also means that the cryptocurrency can be described once again as being within an exuberant buying period – the use of the word bubble is refrained from because ETH/USD remains below it apex highs of May. However, Ethereum is closer to its all-time highs than it is compared to its low water marks of July. The ability of ETH/USD to remain within its current price vicinity in the coming days should be watched carefully. If the 3000.00 level is able to be maintained, speculators may find that they enticed to make buying wagers on direction.
ETH/USD Outlook for September
Speculative price range for ETH/USD is 2013.00 to 4024.00.
ETH/USD is near an important juncture and if it is able to remain above the 3100.00 to 3000.00 levels it could find that buyers continue to be attracted to its one-month bullish trend. Having hit a high of nearly 3400.00 only a week ago, if this level begins to be tested and prices suddenly start to challenge the 3500.00 ratio, traders may become further emboldened and buy into what they perceive as positive momentum. Incrementally if support levels can climb, prove solid and not break with a heavy amount of velocity, there is reason to suspect that ETH/USD could make a serious move towards the 4000.00 summit again.
However, if the buying spree of ETH/USD starts to see its power erode and the 3100.00 to 3000.00 junctures begin to be tested, bearish speculators may begin to look at the 2800.00 level as a target. For a long stretch of time during the bearish saga which was demonstrated from late May until late July, the 2700.00 value was important, but it was crucial mostly as resistance. If the 2700.00 proves to suddenly become vulnerable and the value of ETH/USD drops below this mark, bearish traders may see this as an indication further selling is going to erupt in Ethereum.