ETH/USD has sustained one-month highs in the past two days of trading, and the incremental pressure downward seen until last week appears to have disappeared momentarily.
ETH/USD is trading near 3840.00 as of this morning and has seen bullish momentum continue to add a solid amount of pace while support levels have turned strong. The broad cryptocurrency market has seemingly taken on an optimistic tone. Current values for Ethereum are within sight of early September highs. Since trading near the 3380.00 ratio last week, ETH/USD has been incrementally gained value and after hitting the 3960.00 a few days ago which tested early September marks, there has not been a substantial reversal lower.
The ability of ETH/USD to consolidate within this important tier may be a bullish signal and, if current support near the 3815.00 is not seriously challenged, speculators cannot be blamed for believing additional bullish opportunities are being demonstrated. Volatility is a constant companion to traders within cryptocurrencies and trends are extremely important. If current ratios of ETH/USD continue to prove strong, the 3900.00 price as a target may become a goal for many.
In early trading this morning, ETH/USD has flirted with higher values but not been able to seriously penetrate resistance which looks to be the 3880.00 for the moment. Optimistic technical traders may believe the lack of a serious selloff after testing these short-term highs is an indication buyers remain active and that sellers are being cautious.
ETH/USD may suddenly prove to be violent with downwards momentum, reversals remain an ever present danger. If the 3825.00 to 3815.00 price area can withstand moves which come within its sights and the 3800.00 ratio is not substantially punctured lower, traders may want to use these areas if they see temporary price action as a place to actually look for buying opportunities to wager that another move higher is going to develop.
The broad cryptocurrency market has been boiling with exuberance the past few days and ETH/USD has certainly joined the party. Looking for buying positions as speculative wagers on slight moves lower today may prove to be a worthwhile endeavor. Traders are advised not to aim for the moon and keep their expectations realistic. If ETH/USD begins to traverse higher after consolidating near lows it could gain a serious amount of momentum, but cashing out winning position remains a solid approach to gathering profits.
Ethereum Short-Term Outlook
Current Resistance: 3880.00
Current Support: 3815.00
High Target: 4050.00
Low Target: 3735.00