After traversing near the 2250.00 value momentarily yesterday, ETH/USD has fallen from its highs and is traversing within sight of important resistance levels. What makes the current price range of ETH/USD for traders rather difficult is that Ethereum continues to also move within the lower depths of its mid-term price range and one wrong turn downwards could trigger more negative sentiment.
Technical speculators have to gauge their perspectives carefully. While a five day chart shows ETH/USD within sight of its higher values, a glance at a one month chart presents a different scenario and the fact that downside momentum continues to look rather bearish. On the 26th of June ETH/USD was trading near the 1700.00 juncture, which essentially retested lows made four days before. While the incremental climb higher since the low water marks was achieved, ETH/USD has not been able to clearly demonstrate a capacity to reengage the junctures of 2300.00 to 2500.00 as of yet.
It was only two weeks ago that the 2700.00 mark was continuously referenced as a value that needed to be broken higher to prove bullish speculators could still create positive momentum. Unfortunately for buyers this resistance level proved durable and the bearish trend within ETH/USD continues to hold. If Ethereum is not able to sincerely challenge the 2200.00 mark and sustain values above these nearby heights, it could be another indication that negative sentiment remains the dominant feature for ETH/USD.
The broad cryptocurrency market has been able to produce some stability the past couple of days, but the gains made have come under pressure in early trading today. If current values within ETH/USD consolidate in the short term, speculators who are courageous may believe further downside momentum is about to be demonstrated.
If the 2100.00 juncture below fails to hold today, traders may be making a worthwhile decision to try and pursue further bearish activity within ETH/USD. The trend down has become resilient and until resistance levels above show a capacity to not only prove vulnerable but be swept aside with rather swift trading, technically ETH/USD continues to show evidence of weakness where advantages can be found. Traders should be prepared for sudden volatility today, particularly if nearby support levels prove fragile.
Ethereum Short-Term Outlook:
Current Resistance: 2187.00
Current Support: 2110.00
High Target: 2260.00
Low Target: 2073.00
