ETH/USD skidded to short-term lows late last night and is traversing a range which may make bullish speculators more nervous.
ETH/USD is trading around the 3200.00 vicinity as of this morning in rather fast conditions. ETH/USD skidded to nearly 3146.00 in late night trading and is certainly challenging important mid-term support levels. The past week of trading has seen Ethereum produce some steady values, but incrementally it has not been able to achieve a steady climb and has definitely faced plenty of reversals lower.
On the 16th of September, ETH/USD did climb to a high of nearly 3680.00, after testing a low of approximately 3100.00 on the 13th of September. These values are underscored to acknowledge ETH/USD remains a volatile speculative asset even if it is the number two ranked cryptocurrency regarding market capitalization. The price range between the 13th and 16th, also illustrates the lows and highs for ETH/USD which are still capable of being tested in the short term if the current range holds.
However, the broad cryptocurrency market has shown a nervous trend the past few weeks after hitting rather alluring values early in September. ETH/USD led the charge and outperformed most of its counterparts late in August and into the first week of this month, but since then a rather lackluster technical trend for bullish speculators have been produced.
Traders who have had the ability to sell ETH/USD the past couple of weeks and withstood its reversals, and remain bearish may have a reason technically to continue pursuing downside momentum. If the current price range of ETH/USD falters and the 3175.00 to 3150.00 levels are challenged, there is reason to suspect the 3100.00 mark can be legitimately tested. Targeting these values must be done using a limited amount of leverage because it is very ambitious, and a move in the opposite direction could be extremely costly.
ETH/USD does appear to be caught in a rather strong storm which is producing headwinds temporarily. If a speculator decides to sell ETH/USD they may want to look for slight reversals higher, but a better approach may be to wait for Ethereum to actually trigger support levels below. Entering a limit order which sells on growing bearish momentum near the 3175.00 level and using support ratios beneath as take profit targets could prove to be a worthwhile wager in the short term.
Ethereum Short-Term Outlook
Current Resistance: 3262.00
Current Support: 3146.00
High Target: 3375.00
Low Target: 3062.00