ETH/USD remains fast and its speculative landscape is producing quick results for traders. ETH/USD as of this writing is near the 3000.00 level, but during yesterdays trading it was able to puncture this level handily. Although ETH/USD certainly reversed downwards after flirting near the 3040.00 twice over the past day, the cryptocurrency remains within eyesight of important short term highs.
Yes, ETH/USD is still within the grips of a rather persistent bearish trend when six month charts are examined. However, if Ethereum can create enough momentum to penetrate 3000.00 and stay above its realm this may be a signal bullish traders have been waiting on. While nervous sentiment still is a vast sea and skeptics may believe the recent rally attained in the broad cryptocurrency market is false, traders may want to dip their toes into the water and pursue upwards potential.
Trading the past few days which has generated positive gains has been accomplished while many other financial assets have been struggling. The emergence of a solid short term trend may still only be wishful thinking for speculators contemplating the potential to catch a developing path higher, but there is a possibility this may be occurring.
If a bullish trader within ETH/USD wants to buy near current support levels they cannot be faulted. Certainly stop loss orders need to be used to protect against the always capable spikes downward which can flash like a lightning strike. However, if ETH/USD can maintain support above the 2975.00 region and prove that it is not vulnerable to prices below the 2935.00 mark, there may be a technical element which ignites speculative long positions while seeking better values.
If ETH/USD can sustain its value above the 3000.00 mark early today, there is reason to suspect the 3040.00 could be a target. If the 3050.00 juncture is suddenly within the sights of speculative discussion, ETH/USD could experience another robust burst upwards. Traders are cautioned to remain realistic regarding their monetary goals when pursuing their ambitions.
ETH/USD remains a speculative endeavor for traders, but recent trading is beginning to signal the potential that a change may be underway. Recent gains in ETH/USD and its ability to demonstrate durable support levels the past few days may prove to be a significant indicator.
Ethereum Short Term Outlook:
Current Resistance: 3016.00
Current Support: 2938.00
High Target: 3169.00
Low Target: 2874.00