After achieving solid upward results a few days ago, ETH/USD did experience a reversal lower, but the cryptocurrency has managed to linger within the upper realms of its value band and, because of this, has raised speculative questions. The broad cryptocurrency market continues to trade within shouting distance of highs and ETH/USD is no different. Traders may be impatient for the next big move in Ethereum, but its ability to create consolidation increases the chance for a breakout to emerge.
The million dollar question for speculators is where the next major direction will take place for ETH/USD, and there can be no denying that the cryptocurrency world continues to foster a large amount of profit seekers who may be willing to join the party. ETH/USD’s ability to steadily maintain the upper realms of its value band could entice speculative interest technically. The past seven days of trading have seen ETH/USD maintain a rather adequate lower support level of 1714.00.
If this important juncture below continues to prove durable, it may prove to be a rather riveting signal that ETH/USD has further room to climb within an exuberant cryptocurrency speculative surge. As ETH/USD trades below the 1800.00 mark as of this writing, if the higher support level of 1762.00 sustains its stature, speculators could find an opportunity to wager on bullish momentum to resume.
While digital currencies continue to stay within shouting distance of all-time highs, traders may believe that the consolidation which has developed in the crypto marketplace could prove to be a technical launching pad. It needs to be pointed out that the word ‘consolidation’, when used with the like of Ethereum and other cryptocurrencies, is relative. Digital currencies very much have the capability of suddenly seeing value moves over ten percent without any notice.
Speculators who are active and believe Ethereum is one of the biggest digital currencies is going to continue to demonstrate bullish sentiment may think it is worthwhile to pursue upward momentum. Buying ETH/USD on small dips which come within sight of existing support levels may prove to be a solid wager near term. Limit orders are urged and strict attention to stop losses is also encouraged for traders who want to buy ETH/USD and seek buying positions.
Ethereum Short-Term Outlook:
Current Resistance: 1806.00
Current Support: 1762.00
High Target: 1850.00
Low Target: 1714.00
