ETH/USD is trading near important support levels and speculative zeal looking for upside may be running out of power. After hitting a high of nearly 1275.00 on the 8th of July, the past few days of trading for Ethereum has seen the cryptocurrency taken a hit and as of this morning ETH/USD is trading near 1145.00 as of this writing.
Speculative Zeal in Question after Failure to Sustain Values this Weekend
A speculative flurry across the board within the major cryptocurrencies began to falter before heading into last weekend, and trading early today has continued to see ETH/USD, among others, fail to reverse higher. Within the depths of the long-term bearish trend that has been pounding away at the value of ETH/USD, traders could not be blamed for believing last week may have been the beginning of an upwards turnaround. However, behavioral sentiment within ETH/USD has yet to prove that it has the capability to produce a significant move higher which will overcome resistance levels easily.
- Major resistance levels remain durable and the 1300.00 mark has proven unattainable yet.
- Until the 1250.00 can prove it is sustainable traders may remain skeptical and bearish.
ETH/USD remains a keen barometer of the health of the cryptocurrency marketplace. Certainly, many traders like to watch the results of Bitcoin, but Ethereum is a cornerstone for blockchain technology and infrastructure. The inability of ETH/USD to climb above the 1250.00 level and maintain this value remains a concern for the broad market. In fact, the inability of Ethereum to climb above 1200.00 should be watched closely now.
A Slide Below 1100.00 would be a Bearish Indicator
If ETH/USD fails to climb above the seemingly rather simple mark of 1175.00 in the short term, this could spark the feeling that Ethereum is ready to slide more. Skeptical traders who have been earning profits to the downside may be watching the 1150.00 at this time as an important juncture, if this value is not toppled more downside momentum could be considered and ignite selling wagers which seek technical support levels near 1125.00 and 1100.00 for speculative bets.
The failure of ETH/USD to maintain its short-term drive upwards sets the table for a return to bearish price action, if values fail to climb in the near term. A fall below the 1100.00 level would be considered a bearish indicator by many speculators and a signal that more potential falls in value could be demonstrated sooner rather than later.
Ethereum Short-Term Outlook
Current Resistance: 1172.00
Current Support: 1128.00
High Target: 1254.00
Low Target: 1054.00
