Unless you have crawled out of a cave this morning and have had no mobile telephone internet service, you likely know that ETH/USD has produced a rather disruptive and downward couple of days as its value has sunk. Ethereum along with the broad cryptocurrency market has slid to long term lows and the bearish trend which has engulfed ETH/USD may not be over yet.
Speculators who dare to consider upwards reversals may exist, but the bigger question may be why? Yes, higher moves certainly still happen in ETH/USD, but wagering on upside momentum to generate while the present conditions near term stir may be like playing with fire.
For those interested in upside the current 1235.00 level although it is extremely close should be watched. If a move occurs which takes ETH/USD over this juncture and sustains the action, Ethereum could then certainly challenge slightly higher altitudes. However these climbs may not prove to hold and erosion of value may detonate at any moment leaving no floor.
Traders who are still active and want to continue wagering on further price movement lower cannot be blamed. If a speculator can ignite a selling position using current resistance levels as a place to launch shorts this may prove an opportunity to participate in ETH/USD. However traders need to understand the market is extremely volatile, even if a trader claims to know this, it may be important to repeat this mantra as the day progresses. The use of risk management is essential.
If the 1200.00 level fails to hold back the downward tide again in the short term, traders may target nearby marks which have already been flirted with in the past hours. ETH/USD did hit a low of nearly 1066.00 a handful of hours ago and speculators may want to aim for this target. However, traders are advised not to be overly ambitious under the present conditions. Choppy results are likely to be abundant and profits should be cashed in when they are achieved with successful moves.
Wagering on ETH/USD should be done with great amounts of care today. The cryptocurrency market has produced significant downward results, but always threatens to shake upwards for a while. Ethereum has experienced a whirlwind of declines and new lows may be seen in the near term.
Ethereum Short Term Outlook:
Current Resistance: 1235.00
Current Support: 1127.00
High Target: 1301.00
Low Target: 970.00
