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ETH/USD is flirting with short-term highs as an intriguing reversal higher has formed and may stir the hearts of optimistic bullish speculators.
In early morning trading, ETH/USD has been able to topple the 2,000.00 juncture and touched a high briefly near the 2,224.00 ratio. A downturn has occurred since the high value was achieved and ETH/USD as of this writing is below the 2,000.00 mark. However, ETH/USD has not seen a violent reversal lower and its ability to flirt with the 2,000.00 juncture may be enough to spark the interest of speculators who have bullish tendencies.
This morning’s price action will likely not be enough to create a vast sea change of speculative fever. On the 27th of May ETH/USD was trading below the 1,700.00 price which had last been sincerely traded with high volumes in March of 2020. The long term bearish trend within the broad cryptocurrency markets cannot be proclaimed dead yet. Technical traders however will no doubt watch the 2,000.00 level with interest.
If Ethereum is able to jump the important psychological mark of 2,000.00 and sustain its value above, this would spark raised eyebrows. From the 12th until the 23rd of May ETH/USD battled the 2,000.00 region and finally melted beneath the level, and began to seek new long term lows with a crushing amount of selling. The question day traders need to consider is if the rally being displayed now has legitimate staying power or if it will quickly disappear.
Short-term momentum traders who are aggressive may want to pursue the 2,000.00 target and slightly above for quick hitting trades. The costs of transactions must be factored with such close by targets and this raises the potential that a larger amount of leverage is needed to create profitable results when trying to scalp ETH/USD with fast results – which carries significant risks if the market goes against the speculator. Traders who prefer momentum to be on their side may want to wait until Ethereum shows even better results.
If the 2,025.00 resistance level were to be challenged and penetrated higher this could spur on additional buying. However, skeptical traders who continue to lurk and do not believe ETH/USD has seen the last of its bearish trend, may believe that if ETH/USD cannot muster much price action above the 2,010.00 to 2,025.00 price vicinities more selling will happen. Speculators looking for additional movement downwards may target the 1975.00 to 1965.00 marks cannot be blamed. Choppy conditions are likely to be seen short term and traders should remain cautious.
Ethereum Short-Term Outlook
Current Resistance: 2019.00
Current Support: 1939.00
High Target: 2078.00
Low Target: 1844.00
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