ETH/USD: Ethereum Firms and Remains Near Critical Resistance

Robert Petrucci

Ethereum has produced another solid short-term trading cycle, approaching highs yesterday while remaining in sight of important resistance.

ETH/USD remains within the higher elements of its short- and mid-term price range. Ethereum has also been able to incrementally add to its support levels. In yesterday’s trading, ETH/USD touched the 3355.00 which came within sight of highs made one week ago. ETH/USD also continues to flirt with May values - yes, while Ethereum was descending from its all-time highs. However, the ability to begin nearing the realms of its May apex range technically could entice further buying.

As of this writing, ETH/USD is near the 3240.00 vicinity and if support levels continue to sustain values above the 3200.00 mark this may be a rather impressive bullish indicator. After hitting yesterday’s highs, ETH/USD reversed lower to nearly 3167.00 and the rather firm price which stayed above previous short-term lows of about 3130.00 is intriguing.

The recent bullish streak in ETH/USD has been demonstrated well during the month of August. Perhaps the most interesting aspect of recent trading is that gains have not been made in a wild fashion. There is a possibility that some speculative elements may still be waiting to join the party, if and when they become convinced this buying momentum can be sustained. The ability of ETH/USD to sustain its value near short-term highs and not suffer devastating reversals lower may prove to be attractive.

ETH/USD remains a bona fide speculative asset and there are no guarantees swift reversals lower will not occur. Traders need to acknowledge even if they are convinced they are about to step onto a potentially successful trend upwards that there is always a chance the speculative nature of ETH/USD can sputter without warning, and falls in value can prove vicious. Even as ETH/USD demonstrates its current positive trend, limited amounts of leverage and strong stop loss ratios should be used.

Current resistance for ETH/USD is nearby at 3275.00 and if this mark begins to be challenged and the 3300.00 juncture is surpassed, traders may believe another test of short-term highs is about to exhibited. Conservative traders who want to be buyers of ETH/USD may want to wait for reversals lower to engage their positions. If ETH/USD is able to break the 3300.00 and sustain its price above this ratio, it could spark a rather impressive short-term speculative buying surge.

Ethereum Short-Term Outlook

Current Resistance: 3276.00

Current Support: 3225.00

High Target: 3389.00

Low Target: 3165.00

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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