ETH/USD has produced a solid upwards climb the past day of trading and has touched the 1900.00 level in early trading today.
As of this writing ETH/USD is near the 1885.00 ratio and for the moment producing rather calm trading action. Obviously that could change in a heartbeat, and traders are urged to compare these musings to the market price as you begin to engage thoughts about speculating on Ethereum. The move upwards since the 13th of July when ETH/USD was trading near the 1000.00 has been strong. Traders who have had the misfortune to be betting against ETH/USD the past four weeks have likely been hurt.
Four Weeks of Gains However Doesn’t Mean Dangerous Selloffs have disappeared
As speculators seemingly climb above the cryptocurrency bus again, and buy ETH/USD and BTC/USD they may be dreaming of large paydays once again. Day traders who are pursuing ETH/USD and not holding their wagers overnight however, may be facing a more difficult task unless they manage to ignite their positions quickly and are able to cash out winnings with selected take profit targets. ETH/USD was trading a low of nearly 1658.00 yesterday, this after achieving a high of nearly 1795.00 on the 9th of August. Sudden volatility remains a staple of cryptocurrency speculation.
- The ability to surpass the 1900.00 level was significant earlier today, now speculators who are cautious will want to see ETH/USD sustain this vicinity.
- Traders are cautioned to use their risk management wisely to battle against sudden movements which are certain to occur.
Currently ETH/USD is challenging resistance last seen in the first week of June. Bullish cryptocurrency traders who have survived the long term bearish trend are likely celebrating their victory achieved the past four weeks of upside price momentum. This while skeptics may be looking at ETH/USD and be suspicious of a ‘bear trap’, meaning they are worried about being enticed to buy into the upwards trajectory which has been demonstrated, only to suffer a strong selloff via reignited nervous behavioral sentiment in the cryptocurrency sphere.
Can ETH/USD Climb above 2000.00 in the short term for Speculative Buyers?
Yes, ETH/USD can continue to climb and find enough buyers to propel it upwards and prove current resistance levels are only road signs to be ignored. However, there is also a vivid chance ETH/USD could propel itself downwards again with a lightning bolt. If ETH/USD is able to sustain its current price ratio above the 1875.00 level it may appear attractive for a short term wager upwards. However – there are two however warnings in this last paragraph – price action in ETH/USD can change swiftly and if a downturn generates steam, support near the 1870.00 to the 1825.00 marks should be watched carefully. A move below 1800.00 that becomes sustained could wake up bearish traders.
Ethereum Short-Term Outlook
Current Resistance: 1910.00
Current Support: 1869.00
High Target: 2006.00
Low Target: 1756.00
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