At the time of writing, ETH / USD is trading slightly below the 3300.00 level, which can be seen as a rather nervous intersection for the short-term cryptocurrency.
After breaking close to the 4000.00 mark just ten days ago and having speculators think of the top of the value accentuated in May, ETH / USD has shown an ability to slide lower in value. The rapid fall in prices should not come as a big surprise to speculators. Even if a trader has visions of glorious new heights through the EthereumIf you are a student of the cryptocurrency market, you must recognize that the rather wild pullbacks to the downside are a frequent part of the landscape.
Technically, ETH / USD has enjoyed a very solid bullish run since the third week of July, after the broad market of cryptocurrencies will begin to dust off the pain of a fairly steep drop in stocks that ran from mid-May to about July 20. In the last ten days of trading, ETH / USD has managed to see a high of almost 4025.00 on September 3, and a low of almost 3010.00 on September 7.
While ETH / USD is certainly trading above the lows seen almost a week ago, that lower depth was hit with what can be described as a flash crash. Technically, the ability to trade above this mark is not all that impressive, and may in fact be a concerning caveat regarding levels of medium bearish speculators may try to target if they believe further weakness in ETH / USD will be pronounced.
ETH / USD is in a rather intriguing and perhaps dangerous trading landscape starting this week. Technically, the ETH / USD “needs to” be able to penetrate the 3300.00 conjuncture and sustain above values to help motivate buyers who believe that a reversal to the upside will gain momentum and reignite trend a bullish view from the end of July.
Stock markets are crashing
However, if the ETH / USD is unable to sustain its current price and begins to challenge the support near the 3250.00 conjuncture and then sinks towards the 3215.00 mark, sellers may convince themselves that now is the right time to aim for lower joints. The traders In the short term, they must use their risk-taking tactics wisely. Sentiment within the cryptocurrency overall is showing signs of nervousness as speculators wonder if last week’s slide will continue. Traders who believe that ETH / USD technically has additional room to move lower may want to sell around the 3290.00 to 3275.00 levels and place the take of Profits close to current support.
Ethereum Short-Term Forecast:
- Current Resistance: 3353.00
- Current Support: 3215.00
- High Target: 3494.00
- Low Target: 3055.00