Since the start of March ETH/USD has fought off short term bearish momentum and produced incremental climbs in value. This rise in price has been accomplished with the standard absurd amount of volatility cryptocurrency traders have come to expect when speculating on ETH/USD, but the move higher has certainly taken place.
In early trading today ETH/USD find itself near the precipice of key February values which are within shouting distance and could spark additional momentum higher. Prices late last night and today traded above the 1700.00 mark before a wave of selling momentum took ETH/USD to within its current range which is idling near the 1680.00 ratio. However the word idling within cryptocurrency trading is actually laughable, because the value of ETH/USD will chance in a moment’s notice.
Speculators who believe ETH/USD has further room to climb should be encouraged by the results of the cryptocurrency in March and its ability to reach an appealing higher range. If ETH/USD can move above the 1700.00 level and sustain its value over this mark it could potentially cause another dose of speculative buying to gain momentum. Traders that are new to Ethereum speculation need to understand the moves within ETH/USD can happen fast. As a speculative asset for some traders this knowledge may be enticing, but they are also reminded to be rather cautious using leverage and not wager more than they can afford to lose.
Intriguingly ETH/USD has shown a certain amount of strength the past week of trading. After hitting important support levels in late February near the 1300.00 mark, ETH/USD has produced a definite bullish track. Importantly the 1300.00 mark which was hit in late February proved it had the durability to demonstrate a rather bold amount of support and not test lower values seen in January.
ETH/USD remains a speculative trade. Ethereum has seen a strong wave of buying, but this happened after a reversal lower and the mark of 1440.00 was approached early Friday. However from a technical viewpoint the ability of ETH/USD to climb the past couple of days also has shown that support levels may be incrementally increasing in the short term.
If ETH/USD can sustain its current price level above short term support junctures of 1645.00 to 1630.00 it may prove to be a solid speculative buying opportunity. Traders who want to wager on potential upside continuing to be demonstrated cannot be faulted for pursuing long positions of ETH/USD near term.
Ethereum Short Term Outlook:
Current Resistance: 1715.00
Current Support: 1645.00
High Target: 1802.00
Low Target: 1583.00
