ETH/USD: Ethereum Drifts Lower After Testing Highs Last Week
As of this writing, ETHUSD is trading slightly below the 3300.00 level which can be viewed as an extremely nervous intersection for the cryptocurrency near term.
After traversing near the 4000.00 mark only ten days ago and causing speculators to take into account the value summit climbed in May, ETH/USD has demonstrated an ability to drift lower in value. The rather swift fall in prices should not come as an important surprise to speculators. Even in case a trader has visions of glorious new heights via Ethereum, if they are students of the cryptocurrency market they have to acknowledge that rather wild reversals downward which can be a regular the main landscape.
Technically, ETH/USD has enjoyed an extremely solid bullish run since the 3rd week in July, following the broad cryptocurrency market started initially to pull out the pain from an extremely steep decline in values that was exhibited from the middle of May until concerning the 20th of July. In the past ten days of trading, ETH/USD has was able to view a most of nearly 4025.00 on another of September, and a low of almost 3010.00 on the 7th of September.
While ETH/USD is unquestionably trading above the lows seen nearly a week ago, that lower depth was hit with what can be described as a flash crash. Technically, the capacity to trade above this mark is not too impressive, and actually may be a troubling warning concerning the support levels bearish speculators may try to a target should they believe further weakness in ETH/USD can become pronounced.
ETH/USD is in an extremely intriguing and perhaps dangerous trading landscape as this week gets started. Technically, ETH/USD ‘needs'to manage to penetrate the 3300.00 juncture and sustain values above to simply help motivate buyers who believe a reversal higher will grab momentum and the bullish trend seen since late July is likely to be reignited.
However, if ETH/USD is not able to sustain its current price and begins to challenge support near the 3250.00 ratio and then sinks towards the 3215.00 mark, sellers may become convinced that now is the right time to a target lower junctures. Short-term traders need to utilize their risk-taking tactics wisely. Sentiment within the broad cryptocurrency is showing signs of nervousness as speculators wonder if the downturn in evidence days gone by week will continue. Traders who feel that technically ETH/USD could have additional room to move downward, may want to be sellers around the 3290.00 to 3275.00 levels and place take profits near current support.