ETH/USD continues to prove doubters wrong as it hurtles through resistance levels at breakneck speed and creates new highs.
Only a couple of days ago, ETH/USD appeared caught in what seemed to be a dangerous cycle as resistance proved difficult for a moment. However, trading within ETH/USD continues to prove it moves faster than most speculative assets and what appears as potentially tough trading ground often becomes a source for its backers to look at ethereum and say, “I told you so.” Those who continue to doubt the rapid ability of ETH/USD to produce new highs continue to be perplexed while its speculative buyers enjoy the fruits of higher values.
In early trading today, ETH/USD has burst forth once again and recorded new highs. The cryptocurrency is trading above the 1500.00 mark and although it has come off of its morning record value, those who continue to yell “buy now!” are gaining an audience. Technically, trying to speculate on where the price of ETH/USD will eventually run out of power is turning into a dangerous chore for traders who have been trying to sell the cryptocurrency within this bullish move.
There is no doubt that buying of ETH/USD has been exuberant, dare I even say bubble-like, but until the locomotive runs out of power, trying to select a viable resistance level remain challenging. Perhaps it can be contemplated that the 1575.00 mark may act as resistance, but this feels like a foolhardy notion. Perhaps somewhere within newer highs being achieved, a key psychological level exists that will spur on selling. As crazy as it may sound, perhaps traders are targeting the 2000.00 juncture as a way to prove the value of ETH/USD.
Speculators who want to buy ETH/USD must understand that this is a volatile financial asset. Typically, if an asset has the ability to go up 200.00 USD in one day of trading, it also means it has the ability to lose the same amount of money in one day. However, wagering on more upside action for ETH/USD should not be considered wild conjecture because the cryptocurrency has certainly proven it is capable of strong bullish runs.
After proving ETH/USD has the capacity to break the 1430.00 value yesterday and sustain its movement higher, the cryptocurrency has now entered a new trading range. The higher values now being tested should be watched closely. Traders need to use risk management and limit orders when taking positions in ETH/USD.
Ethereum Short-Term Outlook:
- Current Resistance: 1575.00
- Current Support: 1499.00
- High Target: 1625.00
- Low Target: 1458.00