ETH/USD is flirting with short-term highs as an intriguing reversal higher has formed and may stir the hearts of optimistic bullish speculators.

In early morning trading, ETH/USD has been able to topple the 2,000.00 juncture and touched a high briefly near the 2,224.00 ratio.  A downturn has occurred since the high value was achieved and ETH/USD as of this writing is below the 2,000.00 mark. However, ETH/USD has not seen a violent reversal lower and its ability to flirt with the 2,000.00 juncture may be enough to spark the interest of speculators who have bullish tendencies.

This morning’s price action will likely not be enough to create a vast sea change of speculative fever. On the 27^th of May ETH/USD was trading below the 1,700.00 price which had last been sincerely traded with high volumes in March of 2020. The long term bearish trend within the broad cryptocurrency markets cannot be proclaimed dead yet. Technical traders however will no doubt watch the 2,000.00 level with interest.

If Ethereum is able to jump the important psychological mark of 2,000.00 and sustain its value above, this would spark raised eyebrows.  From the 12^th until the 23^rd of May ETH/USD battled the 2,000.00 region and finally melted beneath the level, and began to seek new long term lows with a crushing amount of selling. The question day traders need to consider is if the rally being displayed now has legitimate staying power or if it will quickly disappear.

Short-term momentum traders who are aggressive may want to pursue the 2,000.00 target and slightly above for quick hitting trades.  The costs of transactions must be factored with such close by targets and this raises the potential that a larger amount of leverage is needed to create profitable results when trying to scalp ETH/USD with fast results – which carries significant risks if the market goes against the speculator. Traders who prefer momentum to be on their side may want to wait until Ethereum shows even better results.

If the 2,025.00 resistance level were to be challenged and penetrated higher this could spur on additional buying.  However, skeptical traders who continue to lurk and do not believe ETH/USD has seen the last of its bearish trend, may believe that if ETH/USD cannot muster much price action above the 2,010.00 to 2,025.00 price vicinities more selling will happen. Speculators looking for additional movement downwards may target the 1975.00 to 1965.00 marks cannot be blamed. Choppy conditions are likely to be seen short term and traders should remain cautious.

Ethereum Short-Term Outlook

Current Resistance: 2019.00

Current Support: 1939.00

High Target: 2078.00

Low Target: 1844.00

SOL/USD has managed a slight reversal higher in early trading this morning, but conditions remain choppy as the cryptocurrency remains near crucial lows.

SOL/USD is trading near the 88.0000 mark as of this writing, and in early trading today the cryptocurrency did manage to hit a high of nearly 88.7500. However this ratio was attained after SOL/USD also hit a low of 86.7000 yesterday. Technical traders who take an optimistic stance may try to view yesterday’s weakest price as a positive. This because Monday’s low was incrementally higher than the lows displayed on Sunday, this when Solana traversed close to the 85.0000 mark.

The broad cryptocurrency remains rather nervous, like nearly all global assets as investment houses gear their thoughts to Wednesday’s U.S Federal Reserve pronouncements. SOL/USD was trading at nearly 143.7500 on the 3^rd of April, meaning Solana has lost slightly less than 50% of its value in one month’s time. While SOL/USD was able to display a solid bullish trend from the middle of March until early April, the downward cycle which has redeveloped correlates to the broader trend among the other major digital assets.

Yesterday’s trading in SOL/USD remained rather nervous and choppy short term conditions are evident as important support levels are being tested.  If selling continues to apply pressure because of nervous behavioral sentiment, additional tests of lows could certainly be exhibited. Day traders should monitor the 87.0000 support level. SOL/USD has the ability to move fast, and though the 88.0000 juncture is now being traversed, if momentum takes Solana lower a move towards the 87.0000 depth could spark worries.

Early this morning’s push higher may be a reason for hope that SOL/USD will start to reverse higher. Optimists within the cryptocurrency world are certainly counting on a robust move upwards to develop and when it does happen, the momentum will be welcomed by buyers. If the 88.7500 resistance level is challenged soon this could be a solid indicator. However, if the price of SOL/USD is not able to establish a real move towards this nearby price up above, traders may grow impatient and skeptical again.

Volatile conditions in the broad cryptocurrency market are bound to be generated near term.  SOL/USD will not escape the choppy conditions which are likely to flourish. Speculators need to use all of their risk taking tactics wisely over the next couple of days. Sellers’ who continue to seek targeted prices below, should use take profit orders to make sure they cash out of winning positions before sudden reversals are seen. Short term goals and decisive price targets will be important for all day traders.

Solana Short-Term Outlook

Current Resistance: 88.8600

Current Support: 86.8900

High Target: 91.2900

Low Target: 83.9100

ETH/USD has staged a reversal higher in early trading this morning, but this has not swept away nervous sentiment which technically still remains vivid.

As of this writing, ETH/USD is near the 3000.00 level, which is an important psychological mark for speculators of Ethereum.  The past few weeks of trading within ETH/USD have proven difficult for optimistic bullish speculators who believed Ethereum, along with its major counterparts, had dusted off its long term bearish trend and was ready to shine.

Yesterday’s trading in ETH/USD actually took the cryptocurrency to a depth of nearly 2800.00, which is a price that had not been seen since 18^th of March. This date in the middle of March however was a period in which ETH/USD had started to spark higher after hitting a low of nearly 2440.00 on the 12^th of March. The bullish rally which started in the middle of March began to reverse low in the first week of April.

Trading sentiment has become fragile in the broad cryptocurrency market and ETH/USD has certainly experienced some painful selloffs in recent days.  Speculators may be considering the notions of false rallies and false correlations as they try to gauge the near term and wagers. Yesterday’s fall to a one month low and sudden reversal higher may have ignited some buying, but the question is if it can endure and current resistance levels near the 3050.00 can actually be penetrated higher.

ETH/USD is within a very speculative trading range and rather intriguing correlations are beginning to take hold as to why Ethereum and the broad cryptocurrency market are struggling.  Technical traders may want to take a look at the NASDAQ 100 and compare it to the results of ETH/USD the past year; they look oddly similar in some respects. However, this doesn’t mean the results can be proven. Although, it does suggests ‘riskier’ assets are under pressure as some speculative investors search for more tranquil assets.

If ETH/USD can sustain a price above the 3000.00 level this may be a positive short term indicator, but if the cryptocurrency struggles and stays beneath this juncture it could mean more selling pressure will ensue. Nervous conditions continue to roil cryptocurrencies and ETH/USD has not escaped this cautious behavioral sentiment. Selling ETH/USD in the near term when it approaches technical resistance may prove to be a worthwhile short term wager.

Ethereum Short-Term Outlook

Current Resistance: 3043.00

Current Support: 2962.00

High Target: 3116.00

Low Target: 2773.00