Test for lows, higher rebounds and anxious conditions
ETH / USD hit lows yesterday which tested the depths of its value domain, but a higher rebound since has not changed the nervous outlook.
ETH / USD continues to struggle. Speculators who are among the bullish crowds and still find the silver lining when the cryptocurrency markets are struggling and point to them as buying opportunities may need encouragement from their friends for now. While ETH / USD has certainly descended from yesterday’s lows, Ethereum remains within the lower bounds of its price ratios and looks technically rather vulnerable.
ETH / USD is trading near the 3,040.00 mark as of this writing, and it hit a price of 2,780.00 which was hit yesterday. Yes, gains since hitting the lower depths of Ethereum’s mid-range range might be positive news for some traders who have managed to catch the wave higher, but buying lower remains a difficult task. ETH / USD has tested the 2700.00 price sphere several times over the past week and has rebounded each time. However, skeptics may wonder what will happen if no top reversal is achieved.
Resistance levels continue to prove difficult for ETH / USD to challenge with sustained upward momentum. Short-term resistance near 3080.00 to 3100.00 appears to be important, and if these levels can be broken through, conservative buyers may want to wait until the 3150.00 mark is crossed before entering what they perceive to be a trend. on the rise. Unfortunately for many bullish speculators, the last month of trading produced a gradual decrease in resistance; traders looking for higher targets may need patience, as well as very careful leverage used to stay long.
If momentum turns out to be elusive and support levels start to be tested again today, traders who want to be sellers have a logical profit target near the 3,000.00 ratio. If this value turns out to be low and ETH / USD is again taken lower, the levels of 2975.00 to 2925.00 should be watched.
Speculators who want to sell should not be overly ambitious, and if they have profitable trades, it may be wise to cash in the winning bets. ETH / USD remains in a downtrend, but it has shown its ability to reverse to the upside. Selling ETH / USD on slight upward movements, where values remain below current resistance levels if the cryptocurrency market appears to remain calm, may be the logical business decision to continue on a downward trend for traders.
Ethereum’s near-term outlook
Current Resistance: 3080.00
Current assistance: 2,989.00
High Target: 3150.00
Low target: 2,705.00