ETH/USD has accomplished a steep ride upwards and is again touching important higher values as it proves to be a speculative adventure.
Only a handful of days ago, ETH/USD was testing lower values and seemingly ready to break through important support levels which may have caused speculators to believe exuberant buying in the cryptocurrency sphere may be coming to an end. However, a massive rise in the past few days has reversed the seemingly bearish trend, and bullish sentiment will now be put to the test as ETH/USD traverses very high ground again.
As of this writing, ETH/USD is hovering slightly below very important prices. The current value of ETH/USD is above the 1800.00 mark and, if it sustains these values near term, speculators may be tempted to try and ride Ethereum to new heights. Important resistance has proven strong since the middle of February around the current price range of ETH/USD.
The 1830.00 to 1860.00 values for ETH/USD have proven to be a catalyst for strong movement. Yes, ETH/USD has broken through to higher values before, and if the current resistance levels fail to hold, it could set off a wave of additional buying for Ethereum. The 1890.00 juncture above should have one eye kept on it because if this mark is toppled it could mean ETH/USD is about to challenge all-time highs again.
Speculators need to understand the swift ability of ETH/USD to change momentum. Only five days ago, ETH/USD was seriously looking rather weak and seemed to be suffering from fatigue. However, as is often the case within cryptocurrencies, including Ethereum it is hard to gauge sentiment, except to say the backers of ETH/USD and other assets within the sphere remain adamant that buying is the only alternative.
Speculators know that is not the case and they also know the dangers of participating within ETH/USD without the use of risk management. ETH/USD has challenged these higher levels before and failed to produce a sustainable value above the 1800.00 marks consistently, perhaps this time is different. Interestingly, from a technical perspective, a double top has been made in the past month-and-a-half around the 1940.00 value. And yes, ETH/USD did drive past the 2000.00 mark briefly on the 20th of February. Could the third time be the charm for bullish sentiment?
Speculators may want to pursue ETH/USD as a buying opportunity at these heights based on the notion that another test of highs is developing. Going long ETH/USD should be done with cautious risk-taking tactics properly being used, but from a speculative perspective, Ethereum is showing signs it may be ready to burst higher again near term.
Ethereum Short-Term Outlook:
Current Resistance: 184600
Current Support: 1793.00
High Target: 1897.00
Low Target: 1775.00