Ethereum remains within important higher value levels as it challenges resistance. The target of 600.00 is within sight, but to attain the higher junctures, 593.00 must be penetrated first. If Ethereum manages to traverse higher and sustain its momentum, the 600.00 range will certainly prove important, but its values between 615.00 and 630.00 may prove to be the golden key for speculators who are perhaps dreaming about values not tested since May 2018.
As of late November, ETH/USD has put in three solid tests of resistance levels near the 620.00 level and has failed to sustain values higher for long. However, after achieving those lofty values, only the first reversal lower could be considered violent. On the 24th of November, ETH/USD was trading near 622.00, and on the 26th of November, the cryptocurrency was near the 490.00 juncture. On the 1st of December, Ethereum was again near the 620.00 juncture and it again challenged the level two days later.
ETH/USD has had a solid bullish trend since early September, and certainly a case for long-term speculative bulls can be made by acknowledging that on the 13th of March the price of the cryptocurrency was slightly below 100.00. Speculators should keep their eyes on the ability of ETH/USD to sustain its current value range. Since the beginning of December, the price of ETH/USD has been 530.00 to 625.00 approximately, with most of the trading in a range of 544.00 to 614.00.
In recent trading, ETH/USD has been able to sustain its higher values and has not suffered a violent price spike. In late trading last night and early today, Ethereum did challenge the 596.00 juncture but was pushed backwards slightly. It is maintaining a rather comfortable value near the 583.00 to 587.00 mark as of this writing. Short-term support appears to be the 580.00 to the 574.00 junctures.
If the current value of ETH/USD is able to sustain above support levels, speculators should consider continuing to pursue the mid-term bullish trend. Stop loss positions are advised and limit orders which cash out winning positions if ETH/USD hits higher resistance levels should be considered. The upwards momentum of Ethereum looks like it has traction and may continue to attract speculative forces which could produce another solid leg upwards.
Ethereum Short-Term Outlook:
- Current Resistance: 593.00
- Current Support: 574.00
- High Target: 608.00
- Low Target: 559.00
