ETH/USD has been able to demonstrate a reversal higher after testing short-term lows early this week, and traders may be growing intrigued and optimistic.
In late trading last night, ETH/USD tested the 3200.00 level which is an important juncture for the cryptocurrency. After sustaining a mild storm of selling before last weekend and into this Sunday, ETH/USD found itself testing important short term support levels. However, ETH/USD was able to maintain its value and did not sink below what may have been interpreted as a dangerous lower ratio.
ETH/USD, as of this writing, is near the 3135.00 mark and it has the attention of many speculators. If the 3100.00 level can be sustained and display fire power upwards which challenges the 3155.00 to 3175.00 marks, this could signal another attempt at the 3200.00 target.
If Ethereum can withstand the current reversal lower from its short term highs achieved late last night, bullish speculators may look at the cryptocurrency with the belief its cautious climb upwards may continue. Recent price action has been choppy for ETH/USD, but a climb towards current resistance levels would certainly bring out potential bullish speculators who suspect another attempt at highs made on the 10th of February is a technical goal.
The inability on the 10th of February to surpass values which were seen in ETH/USD on the 20th of January is still an important road sign. Until ETH/USD is able to climb above the price of 3275.00 and flirt with the 3300.00 level, many traders may continue to perceive the cryptocurrency remains within a bearish trend. Their interpretation of technical data may not be wrong and ETH/USD like some of its major counterparts in the cryptocurrency market still need to exhibit a rather pronounced move higher before speculative long wagers will grow with a flourish.
If the 3175.00 ratio in ETH/USD starts to be challenged above this could cause buyers to step in based on the perception the 3200.00 juncture is within reach and potentially toppled, this is important. The broad cryptocurrency market failed to topple a key price juncture from the third week in January during the past week of trading, today and tomorrow’s movement may crucial in starting to reverse current market sentiment which may remain nervous. Yesterday’s move higher and ability to climb past short term resistance levels may provide the spark that is needed to reignite better behavioral buying sentiment.
If ETH/USD moves below the 3100.00 juncture and flirts with 3075.00 this could be perceived as dangerous. If the 3050.00 value shows evidence of being vulnerable, short term selling action could intensify once again.
Ethereum Short-Term Outlook
Current Resistance: 3190.00
Current Support: 3075.00
High Target: 3287.00
Low Target: 2990.00
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