ETH/USD has stayed within sight of short-term highs, as the cryptocurrency has displayed an ability to sustain its gains and not falter wildly.
ETH/USD in early morning trading has again climbed above the 3400.00 juncture and is showing a rather intriguing durability as it sustains price without violent reversals lower. The low for ETH/USD a few hours ago was near the 3330.00 mark, which is noteworthy because it didn’t break below the lows from the 28th of March when the 3310.00 was approached. The broad cryptocurrency market has begun to show signs of a shift in sentiment without violent profit taking, which would cause quick spikes lower and have been largely absent.
The price of ETH/USD is now challenging mid-term values not seen since the 12th of January. Technical traders may want to pull out longer term charts like 6-month vantage points to gain further perception. The current price range of ETH/USD is important because if the cryptocurrency begins to seriously mount a move higher, traders may begin to consider the potential of late December and early January values when the juncture of 3600.00 was last seen.
Yesterday’s trading briefly did move towards the 3480.00 level, but the high could not be sustained. However, the trend – not even the short-term – is never a one way avenue, traders must acknowledge the price of ETH/USD moves with natural fluctuations based on the mechanics of trades being made every moment of the day. ETH/USD importantly has been able to keep within the higher elements of its near term range without suffering a major setback.
While some skeptics will still try to sell ETH/USD and look for reversals lower, these moves have become less worthwhile unless strict take profit order are being used to cash out a winning position before it vanishes. Yes, the cryptocurrency market has been within the clutches of a long bearish trend, but the ability to incrementally climb the past two weeks may be transforming the nervous sentiment which has been strong and turn it into a perceived buying opportunity for speculators.
If ETH/USD maintains its value near 3400.00 and is able to flirt with the 3425.00 level and then touch the 3450.00 mark, this would be a solid indication. Traders must be ready for reversals lower and use stop loss ratios, which they are comfortable with depending on the amount of leverage they are using. Continuing to look for upside movement from ETH/USD may prove to be the correct wager near term.
Current Resistance: 3462.00
Current Support: 3379.00
High Target: 3691.00
Low Target: 3223.00