ETH/USD is trading below the 2000.00 juncture and has shown little inclination to challenge and sustain a price above the level in the short term. Nervous sentiment appears to be growing and technical traders need to pull out long-term charts to contemplate the next junctures ETH/USD could aim for if selling pressure remains persistent. This past weekend of trading for Ethereum saw another bearish wave, and as trading began yesterday, bullish speculators found little comfort.
ETH/USD is now within a price range that is bouncing near early April values. A low of approximately 1850.00 was hit late last night and was able to produce a reversal higher. However, after demonstrating a capacity to withstand the lower value realms, the move higher did not achieve maximum velocity and trading volumes remain low for ETH/USD. This highlights that there are not many buyers willing to scrap up the ‘cheap’ price of Ethereum quite yet.
While the 2000.00 juncture above will certainly be watched as an important psychological barometer for ETH/USD, below the value of 1920.00 should be monitored closely. If this support level begins to look vulnerable and collapses, ETH/USD may about to retest lows seen late last night. On the 23rd of May, ETH/USD fell with a violent spike to around the 1728.00 price. Intriguingly, when this low water mark was hit, it was achieved quickly and the price of ETH/USD bounced higher and traded around 2900.00 only a couple of days later. However, that may not happen this time.
The erosion of price in ETH/USD remains incremental and resistance levels have proven durable. Bullish speculators can certainly try to be buyers near these values and look for reversals higher, but that would be an aggressive stance taking into consideration the rather dubious trend which has become evident.
Remaining a seller of ETH/USD appears to be a viable opportunity for speculative wagers. Conservative traders may want to wait for moves higher which test nearby resistance levels in order to try and seek countermoves lower. The junctures of 1975.00 to 2020.00 look to be a price range which may produce additional moves lower. Traders as always are cautioned to use risk management. The broad cryptocurrency market is nervous and conditions will likely remain volatile near term.
Ethereum Short-Term Outlook:
Current Resistance: 2019.00
Current Support: 1920.00
High Target: 2050.00
Low Target: 1810.00
