ETH/USD continues to achieve a rather surprising calm trading terrain as it hovers slightly under record highs. Ethereum is straddling the 2500.00 region and displaying an ability to remain above the value and flirt near important resistance levels, which may prove to be a gateway towards all-time values which were touched only a handful of days ago.
Traders should not be lulled into a false sense of security when trading ETH/USD because trading can become violent at a moment’s notice. On the 25th of April, ETH/USD came within sight of the 2100.00 juncture below before reversing higher and then suffering another minor sell-off. Speculators who like ETH/USD have likely become accustomed to moves of one hundred dollars in a blink of an eye and know that their risk-taking needs to be managed with secure trading habits.
Technically, ETH/USD remains within the higher realms of its range and, curiously, has shown little in the way of wanting to retreat. If ETH/USD continues to prove it has the capability to remain above the 2500.00 value traders will certainly focus on targets like the 2535.00 to 2550.00 junctures. If this nearby resistance area is captured, speculators will then believe the 2600.00 ratio is a legitimate focal point.
The broad cryptocurrency market remains exuberant. Yes, there is plenty of talk about a bubble within the asset class, but all financial assets are exhibiting signs of rather strong bullish sentiment and speculators of ETH/USD are not alone. The record highs which linger above appear attractive. Certainly, reversals lower can take place and stop loss orders need to be implanted as protection against potential bearish trading which can suddenly emerge, but wagering against the bullish trend in the short term may prove even more dangerous.
Buying ETH/USD remains a practical technical wager. ETH/USD continues to provide higher values on a steady basis and its ability to incrementally progress cannot be ignored. Cautious traders may want to wait for pullbacks towards support levels which they deem important. The 2475.00 to 2458.00 junctures do appear to have some merit as possibly adequate barriers short term if ETH/USD produces a movement lower. Traders need to be able to make quick decisions when trading Ethereum and they also need to control their emotions with the cryptocurrency because its calm trading cycle can turn into a whirlwind in a split second.
Ethereum Short-Term Outlook:
Current Resistance: 2535.00
Current Support: 2458.00
High Target: 2655.00
Low Target: 2389.00
