July 6, 2022
  • July 6, 2022

Constant calm near peaks could intrigue speculators

By on April 22, 2021 0

ETH / USD has produced an incremental rise in recent days and its rather steady and calm crossing near the highs should intrigue speculators.

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The last week of trading within ETH / USD was marked by volatile price action. However, after reaching unprecedented highs on the 15e April and experiencing a polite amount of profit taking, ETH / USD was able to produce a steady, calm rise to the upside. As of this writing, ETH / USD is crossing near short term highs, and what is likely to catch the attention of traders is that its current price action appears to be calm.

This does not mean that ETH / USD will not suddenly turn into a speculative beast; it’s a cryptocurrency, sure. However, traders looking at technical charts may think that the range of value displayed in one-day and five-day ratios may offer hope that a rather lasting support line may prove useful and attempt more. Ethereum buy positions.

After all the swagger and media coverage of cryptocurrencies over the past month, the vast market, including ETH / USD, has shown resistance over the past week. Experienced traders know that speculation is not a magic kingdom where highs are created every day; inversions are part of the natural order, and financial assets move cyclically. ETH / USD’s ability to maintain its higher price range could prompt traders who might interpret the past week of trading as a good indicator that bullish sentiment in the market may continue to generate strength.

ETH / USD is trading in view of the 2,500.00 junction. Resistance may turn out to be a fight slightly below this value, but if and when the 2,500.00 mark is broken higher, it could trigger another round of frenzied buying. Traders need to be prepared that the quiet seas that have been enjoyed over the past two days in ETH / USD become brisk again if the digital currency begins to seriously flirt with record highs.

Traders who want to be buyers at these heights cannot be criticized. ETH / USD has shown lasting value, and the idea that Ethereum hasn’t suffered a more severe sell off after hitting record highs last week could spark another wave of bullish activity. Buying ETH / USD remains an aggressive speculative choice for traders, but one that can produce the best results. Traders should use their risk management as they are targeting higher values ​​with solid stop losses that hedge against the potential for lower reversals.

Ethereum’s near-term outlook:

Current Resistance: 2495.00

Current support: 2373.00

High Goal: 2,575.00

Low target: 2,278.00

ETH / USD