ETH/USD continues to traverse in a rather tight price range early this morning, giving speculators a chance to test their short term outlooks.
ETH/USD is trading near the 1085.00 vicinity in early trading this morning. A rather consolidated price band has emerged in Ethereum taking into consideration its rather volatile conditions which have been self-evident the past week. The 1100.00 level technically looks like a close resistance level, and in the past handful of hours ETH/USD has not been able to sustain value above this mark. On the 21st of June ETH/USD did enjoy a solid short term reversal higher and came within sight of the 1195.00 level.
However, ETH/USD certainly remains within a troubling lower value range. Speculators looking for the potential of upside momentum will likely want to keep their ambitions relatively conservative when looking for moves higher. If the 1100.00 value can be penetrated and sustained, some technical speculators may feel that it is tempting to look for 1125.0 to 1150.00 for take profit wagers.
Short-term trading in ETH/USD remains choppy, even though it is in a rather tight price mode. The broad cryptocurrency market continues to look rather fragile, particularly as the major digital assets: Ethereum and Bitcoin fail to puncture resistance levels which could signal a shift in sentiment. Until ETH/USD breaks above the 1200.00 level and maintains this juncture, and begins to demonstrate price velocity, skeptics will likely continue to command the trading environment.
The near term remains rather negative regarding outlook for ETH/USD. Optimists will certainly argue this point, but traders looking for more downside price action to emerge cannot be faulted. If ETH/USD were to fall below the 1055.00 mark and not bounce higher, this would be a poor signal. ETH/USD has not been below the 1040.00 value since the 19th of June with any sincere force, but if this support level is proven vulnerable speculators may want to target the 1025.00 level and lower.
The near term is likely going to remain choppy and traders will need to remain hyper vigilant. Take profit orders are advised for traders who do not want to find themselves holding a position which needs to be held for long durations. If ETH/USD falters in the short term and current support levels cannot hold back nervous sentiment, trading conditions could become fast and dangerous and test the fortitude of all speculators.
Current Resistance: 1130.00
Current Support: 1055.00
High Target: 1176.00
Low Target: 1011.00