ETH/USD has come off lows yesterday which tested the depths of its value realm, but a bounce higher since then has not changed nervous outlooks.
ETH/USD continues to struggle. Speculators who are part of optimistic crowds and always find the silver lining when the cryptocurrency markets struggle and point to them as buying opportunities may need encouragement from their friends for the moment. While ETH/USD certainly climbed off yesterday’s lows, Ethereum remains within the lower realms of its price ratios and technically looks rather vulnerable.
ETH/USD is trading near the 3040.00 mark as of this writing, and it has come off a price of 2780.00 which was attained yesterday. Yes, the gains since touching the lower depths of Ethereum’s mid-term range might be positive news for some traders who managed to catch the wave higher, but buying at lows remains a difficult task. ETH/USD has tested the 2700.00 price sphere a handful of times the past week and has bounced higher each time. However, skeptics may be wondering what will happen if no reversal higher is achieved.
Resistance levels continue to prove difficult for ETH/USD to challenge with any sustained momentum higher. Short-term resistance near 3080.00 to 3100.00 looks to be important, and if these levels can be punctured, conservative buyers may want to wait for the 3150.00 mark to be penetrated before stepping into what they perceive as a higher trend. Unfortunately for many bullish speculators, the past month of trading has produced an incremental decrease in resistance; traders looking for higher targets might need patience, along with a very cautious amount of leverage being used to carry a long position.
If momentum proves hard to accomplish higher and support levels do begin to get tested again today, traders who want to be sellers have a logical take profit target near the 3000.00 ratio. If this value proves weak and ETH/USD is taken lower again, the 2975.00 to 2925.00 levels should be monitored.
Speculators who want to sell should not be overly ambitious, and if they have profitable trades it may prove wise to cash in the winning wagers. ETH/USD remains within a bearish trend, but it has shown the ability to reverse higher. Selling ETH/USD on slight moves higher, where values stay below current resistance levels if the cryptocurrency market appears to remain quiet may be the logical trading decision to pursue downward momentum for traders.
Ethereum Short-Term Outlook
Current Resistance: 3080.00
Current Support: 2989.00
High Target: 3150.00
Low Target: 2705.00