ETH/USD has delivered a sizeable break out upwards in value the past day, and this has been accomplished after nearly a week filled with gains.
In early morning trading, ETH/USD has been able to trade above the 3300.00 level. The last time Ethereum was able to trade above this mark was in the middle of January, just before ETH/USD suffered a strong downwards attack which propelled the cryptocurrency to lows that challenged the 2165.00 level on the 21st of January. However, since the 7th of March when ETH/USD was trading near 2442.00, the cryptocurrency has seen an incremental climb begin to emerge.
Yesterday’s flurry higher started near the 3100.00 juncture and suddenly saw rocket engines engage. As today’s trading starts traders now need to decide if ETH/USD is about to start displaying more momentum higher and a sustained run to greater prices, or if sight of mid-January resistance levels will trigger fear and a potential selloff. The broad cryptocurrency market led by the major digital assets including Ethereum have taken on an optimistic shine in the past few weeks, and shown an ability to move upwards.
Volatility is ever present in ETH/USD as a consideration and experienced speculators know that nothing is guaranteed. If ETH/USD can maintain its current values and not be knocked backwards with violence, there is plenty of reason to suspect the next important resistance level above is the 3358.00 sector. A move above this mark would put mid-January prices clearly in sight.
On the 16th of January, ETH/USD was trading near 3350.00, but only a handful of hours before Ethereum also traded near the 3400.00 juncture. Speculators who are bullishly optimistic and believe the current trend is going to prevail and produce a good ‘old fashioned’ cryptocurrency train ride higher, aiming for the 3350.00 mark may make sense as a wager. If this target should be achieved, the next big sight traders will have their eyes on is the 3400.00 level.
Traders who remain skeptical because ETH/USD has not broken above the important mid-January price range yet, should be extremely careful if they are going to try and sell. All speculators should use conservative amounts of leverage. Selling ETH/USD should be done with quick hitting targets which try to avoid sudden reversals which have been prominent the past few weeks. The logical choice for many speculators may be to buy ETH/USD and look for upside. Traders should remain realistic with their targets. ETH/USD has been fast and will likely continue to act this way near term.
Current Resistance: 3358.00
Current Support: 3242.00
High Target: 3588.00
Low Target: 3075.00