ETH/USD recorded record highs yesterday and the cryptocurrency is gaining more attention. A height of 1440.00 was seen yesterday, and in early trading today, ETH/USD is maintaining its value within relatively close vicinity near the 13500.00 level. Technical traders wanting to evaluate the current value of ETH/USD have limited upside direction to effectively correlate. Speculators seem intent on remaining bullish within ETH/USD and a look at a one-month chart may prove an effective tool when trying to gauge support levels.
If ETH/USD is able to sustain its current value, support near the 1350.00 mark should be looked at as important with the lower juncture of 1335.00, a potential inflection point for traders if selling ensues. Below the 1335.00 mark, the 1292.00 value could prove important if bearish momentum suddenly emerges in ETH/USD.
Cryptocurrencies remain a highly speculative endeavor across the board. ETH/USD has performed exceptionally well and enjoyed a sizeable bullish trend, but traders should acknowledge the history of digital currencies and their ability to become volatile with little notice. Traders should look at technical charts when trading ETH/USD and be careful to block out a lot of the noise surrounding cryptocurrency speculation which can cause bad trading decisions.
If ETH/USD is able to maintain its current higher levels and show an ability short term to sustain values near the 1350.00 mark, speculators cannot be blamed for remaining positive regarding their price outlooks. Yes, ETH/USD did reverse lower after hitting highs yesterday, but it remains within shouting distance of its record values.
Taking into consideration the historic turbulence which can strike cryptocurrencies, ETH/USD has been trading in a fashion which can be considered less than volatile. Ethereum is certainly a speculative asset, but its ability to create a strong bullish run and not suffer violent selloffs is encouraging. The question is if this stability will continue.
Traders who are considering speculating on buying positions should consider using limit orders to enter their long positions. If current market value in ETH/USD is sustained near the 1350.00 mark, this may prove to be a solid launching ground for a potential move higher and a retest of yesterday’s highs and beyond in the near term.
Ethereum Short-Term Outlook:
- Current Resistance: 1385.00
- Current Support: 1335.00
- High Target: 1450.00
- Low Target: 1292.00
