ETH/USD remains near key medium-term support levels as the cryptocurrency finds it difficult to gain any type of steady momentum upwards. Trading volumes also remain quite low within ETH/USD as speculators try to decipher technical charts and perhaps wait for a sudden boost. As of this morning, ETH/USD remains within the sight of 2150.00, which is likely to be of no consolation to bullish traders who are stubbornly pursuing higher values.
Last week, there was a high above 2400.00 for ETH/USD, but since reaching this high on July 7, the cryptocurrency has gone down. In fact, just one day later, on July 8, ETH/USD dropped to a low of 2048.00. In recent trading days, ETH/USD has been unable to sustain an upward movement and technically points to a concern that resistance levels seem to continue to decline. VET Vechain price has risen.
The current value
ETH/USD traded slightly below the 2000.00 ratio on July 2 and the current value, while not on top of these prices, remains close enough to these times to serve as a reminder. The current resistance appears to be relatively close around 2186.00 and ETH/USD can still move quickly, so this level can be tested quickly. However, the 2200.00 limit can become a major psychological hurdle if not knocked down quickly. If the price of ETH/USD consolidates below this resistance barrier, traders may believe there could be another leg down.
Support is close to the 2100.00 level at the time of writing and if this moment starts to see a real test, bearish traders may believe the 2060.00 mark will show another test sooner rather than later. Traders looking for signals from last weekend should recognize that volumes have been low and prices have been quite tame within the broad cryptocurrency market. The lack of wild volatility as many cryptocurrencies continue to hover near key medium-term support needs to be considered. XLM Stellar price has risen.
Lure through sales
While support levels around the current price closeness have proven to produce polite reversals higher, speculators who believe the ETH/USD market’s “tone” remains bearish may think there is opportunity lurking through sell positions. If ETH/USD fails to break above the 2200.00 level, traders may be tempted to sell on rises within sight of the current resistance and then short Ethereum.