ETH/USD has proven that the cryptocurrency remains on speculative steroids in early trading today. Resistance has not only been brushed aside, it has been sliced easily in swift strokes as new record highs continue to fall and traders dream of greater values. Technically, ETH/USD has left analysts with only conjecture as potential resistance levels short term prove vulnerable. And please do not even ask about potential mid-term resistance levels.
Yes, skeptics remain in plain sight and can be heard asking not only why, but also doubting the capability of ETH/USD to prove its durability long term. However, for the moment, cryptocurrencies are experiencing a run higher, which seems to not only be gathering momentum, but also is starting to see a myriad of celebrities ‘endorse’ their favorite digital currencies. The ride higher by Ethereum has taken place as Bitcoin and Dogecoin have seen immense speculation too.
ETH/USD is currently hovering within sight of the 1800.00 mark. Currently, its value is slightly below this level, but it should be remembered that only yesterday, ETH/USD was trading below 1600.00. However, late last week, ETH/USD did touch the 1750.00 mark before experiencing a selloff which took the cryptocurrency near the 1520.00 value below.
ETH/USD remains a highly speculative endeavor. Exuberant buying is in full force and a serious question must be asked regarding the ability for bullish speculators to remain active and push ETH/USD higher. Spikes have absolutely dominated the trading environment since late December.
Let’s please remember that ETH/USD was trading near 567.00 on the 24th of December. It is those sorts of numbers which make people rethink what they asked Santa Claus for regarding their gift selections. The three-fold increase in value since late December by ETH/USD does merit careful speculative consideration, but it also needs to be viewed within the greater scope of the overall cryptocurrency marketplace, which has also seen extraordinary increases in values.
Continuing to pursue speculative bullish momentum in ETH/USD cannot be faulted by speculators who have the ability to trade the cryptocurrency with proper risk management. Resistance near the 1800.00 to 1805.00 marks should be watched carefully short term; if there is another surge higher and values are sustained, have no doubt that speculators will have the 1900.00 price target as their next goal. Having written this, traders still must remain careful about sudden moves downward which could cause a lot of pain if conservative amounts of leverage are not being used.
Ethereum Short-Term Outlook:
- Current Resistance: 1805.00
- Current Support: 1696.00
- High Target: 1900.00
- Low Target: 1648.00
