(MENAFN- Daily Forex) Advertisement Looking for a top-rated broker that offers both crypto and Forex trading? GET STARTED
ETH/USD has been able to climb within the upper tier of its one-month price range, but it has also demonstrated an inability to vanquish higher resistance. On the 8th of October, ETH/USD climbed towards the 3680.00 vicinity only to be pushed downwards, this high briefly came within sight of apex values achieved on the 16th of September. However, on the 3rd of September, ETH/USD was trading above 4000.00 momentarily.
Intriguingly and perhaps troubling for speculators is that ETH/USD has found rather stiff headwinds the past handful of trading days. While its major counterpart, Bitcoin , continues to exhibit challenges to resistance and has certainly toppled its August and September high water marks, Ethereum has not produced what can be described as stellar mid-term results. Short-term traders may not care about what happened last month, but from a technical perspective the conflicting one- and three-month charts for ETH/USD could cause concerns.
As of this writing, ETH/USD is trading above the 3500.00 ratio, this after bouncing higher from a flash low which resulted in the 3370.00 value coming into view late yesterday. The past two days of trading have seen a rather strong amount of resistance form near the 3600.00 level too, and this may be interpreted as a negative signal by some short-term traders, particularly if they believe resistance levels are suddenly decreasing incrementally.
ETH/USD has actually proven to be rather lackluster the past week of trading and this may cause speculators to pursue the potential of further downside momentum. If current resistance levels between 3560.00 to 3575.00 prove durable and are not seriously challenged short term, traders cannot be blamed for believing the 3500.00 support level could be vulnerable and that tests lower are about to flourish.
If the 3485.00 mark is penetrated, speculators may set their sights on the 3450.00 to 3400.00 as possible lower tiers to target. Traders should expect volatility to happen as always and have their risk taking tactics fully operational. Wagering on downside momentum near term may prove to be worthwhile for speculators, but they need to certainly have stop loss orders working and use conservative amounts of leverage while pursuing the slightly bearish trend which seems to be developing.
Ethereum Short-Term Outlook
Current Resistance: 3597.00
Current Support: 3485.00
High Target: 3675.00
Low Target: 3355.00
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.