ETH/USD: Nervous Sentiment Creates Selling Pressure and Lows
Date
2/24/2022 11:34:44 AM
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ETH/USD is trading above the 2370.00 price level as of this writing, but circumstances regarding developing news in the Ukraine may continue to spark a sea of volatility which may cause fast changes of value. ETH/USD is now within clear sight of lows it flirted with during its vast selloff from January 21st to the 26th. Ethereum is struggling on support levels seen one month ago. However, as of yet, ETH/USD has not penetrated the low of nearly 2158.00 seen on the 24th of January.
Nervous sentiment is quite apparent in the broad cryptocurrency market this morning, and it is evident among core financial assets too. The slump in value of ETH/USD may raise alarm bells for speculators and they should be very careful about any attempts to trade near term. Entry price orders are highly recommended to meet expectations regarding fills.
While some speculators may want to wager that ETH/USD is now oversold, looking for a dramatic reversal higher today may prove to be difficult to attain . Traders who are courageous enough to be buyers short term should likely target quick hitting positions, which aim for nearby resistance levels as take profit ambitions.
ETH/USD is currently making a slight rise in value as it traverses near important short term resistance levels . A move above 2395.00 should be watched if it can be sustained. However, skeptics regarding any price action upwards today may be making a logical decision, and view higher moves as momentary reversals which will face counter selling.
If ETH/USD breaks below the 2325.00 level and shows downward momentum, traders cannot be blamed for believing the 2300.00 will be challenged. Again, it is vital to note that any speculator participating with ETH/USD should consider extremely strong risk taking tactics. The developing news in the Ukraine and the global reaction will continue to create rapid information flow which will affect behavioral sentiment.
ETH/USD has been within the grips of a strong bearish trend mid-term; today's escalation of news will fuel speculative volatility. While on the surface, it may appear ETH/USD is near important lows and is potentially oversold, this doesn't mean Ethereum cannot be pressured lower. If ETH/USD breaks below the 2300.00 level near term and sees value sustained within lower depths, there is reason to suspect prices could erode further.Ethereum Short-Term Outlook
Current Resistance: 2390.00
Current Support: 2325.00
High Target: 2469.00
Low Target: 1990.00
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