ETH/USD has taken further steps higher and is now trading at short-term highs as speculators have begun to grow bolder.
ETH/USD has climbed again this weekend and the moves higher have achieved not only short-term highs, but are now within the shadows of important May values. The broad cryptocurrency market has grown emboldened and gains have flourished within many major digital assets for speculators who have become encouraged and stepped out of their safe rooms.
ETH/USD is trading within sight of the 3300.00 mark and it did pass this height late last night. Without any major selloff to dissuade speculators, ETH/USD is now pushing its envelope forward and technically is awakening bullish perspectives. On the 19th of July, Ethereum was trading within sight of the 1700.00 juncture as it threatened significant resistance. Now almost one month later, ETH/USD has nearly doubled in value and traders may decide to continue to pursue the current trend.
As always, risk taking should also include solid money management and traders should not over leverage their positions to guard against pesky and violent reversals which can kill a trading account without notice. However, if ETH/USD is able to pass the 3300.00 juncture in the short term and sustain values above, traders cannot be faulted for believing 3400.00 is a legitimate target.
Traders with small portfolios who are trying to wager within ETH/USD need to be careful with the size and distance of their chosen stop losses. In order to use a distant stop loss that allows for natural cycles of trading, a cautious amount of leverage should be used within the trade. This will allow a speculator to be patient and let the market work.
The strong movements in Ethereum higher do allow for rather close support levels to be used. Traders who consider the 3245.00 mark as support could be choosing correctly. Conservative traders who want to buy ETH/USD and use levels below as entry points may want to consider junctures slightly above the 3245.00 mark as buying opportunities.
The risk for cautious traders is that if they wait too long to enter the market the current trend could escape their grasp. Aggressive speculators looking to wager may actually feel now is the time to buy ETH/USD and try to pursue additional moves higher as the cryptocurrency challenges mid-term highs and flirts with important values which could be a trigger that springs further gains near term.
Ethereum Short-Term Outlook:
Current Resistance: 3333.00
Current Support: 3246.00
High Target: 3452.00
Low Target: 3040.00