The past few days of trading have seen ETH/USD falter as speculative resistance has proven durable and an erosion of value threatens again.

ETH/USD is trading near important support levels and speculative zeal looking for upside may be running out of power.  After hitting a high of nearly 1275.00 on the 8^th of July, the past few days of trading for Ethereum has seen the cryptocurrency taken a hit and as of this morning ETH/USD is trading near 1145.00 as of this writing.

Speculative Zeal in Question after Failure to Sustain Values this Weekend

A speculative flurry across the board within the major cryptocurrencies began to falter before heading into last weekend, and trading early today has continued to see ETH/USD, among others, fail to reverse higher. Within the depths of the long-term bearish trend that has been pounding away at the value of ETH/USD, traders could not be blamed for believing last week may have been the beginning of an upwards turnaround. However, behavioral sentiment within ETH/USD has yet to prove that it has the capability to produce a significant move higher which will overcome resistance levels easily.

• Major resistance levels remain durable and the 1300.00 mark has proven unattainable yet.
• Until the 1250.00 can prove it is sustainable traders may remain skeptical and bearish.

ETH/USD remains a keen barometer of the health of the cryptocurrency marketplace. Certainly, many traders like to watch the results of Bitcoin, but Ethereum is a cornerstone for blockchain technology and infrastructure. The inability of ETH/USD to climb above the 1250.00 level and maintain this value remains a concern for the broad market. In fact, the inability of Ethereum to climb above 1200.00 should be watched closely now.

A Slide Below 1100.00 would be a Bearish Indicator

If ETH/USD fails to climb above the seemingly rather simple mark of 1175.00 in the short term, this could spark the feeling that Ethereum is ready to slide more.  Skeptical traders who have been earning profits to the downside may be watching the 1150.00 at this time as an important juncture, if this value is not toppled more downside momentum could be considered and ignite selling wagers which seek technical support levels near 1125.00 and 1100.00 for speculative bets.

The failure of ETH/USD to maintain its short-term drive upwards sets the table for a return to bearish price action, if values fail to climb in the near term.  A fall below the 1100.00 level would be considered a bearish indicator by many speculators and a signal that more potential falls in value could be demonstrated sooner rather than later.

Ethereum Short-Term Outlook

Current Resistance: 1172.00

Current Support: 1128.00

High Target: 1254.00

Low Target: 1054.00

ETH/USD has produced a rather consolidated range the past handful of days, but the value of Ethereum has edged lower in recent trading.

ETH/USD is trading near the 1180.00 ratio as of this writing.  Ethereum has demonstrated a rather consolidated price range in recent trading, but its failure to sustain momentum higher, while still firmly within a long-term bearish mode, has not built confidence. A slow erosion of value the past two days may be adding to nervous sentiment for speculators of ETH/USD.

On the 25^th and 26^th of June ETH/USD was able to produce a rather steady amount of trading above the 1200.00 mark. Yes, reversals lower after gains have been made are a common dynamic of market action, but the inability of ETH/USD to sustain its higher prices within the midst of poor behavioral sentiment among traders is not a positive sign. Certainly a ‘whale’ could emerge who will suddenly start buying ETH/USD and lead a strong charge higher, but until evidence springs forward to show a buying surge is about to ignite, bullish traders may want to stay cautious.

ETH/USD as of this writing is very close to important technical support. If the 1170.00 value falters and Ethereum starts trading below the 1165.00 ratio, speculators may get worried that another round of selling is going to test boundaries below. If the 1150.00 level were to be challenged, ETH/USD could suddenly find itself testing price junctures seen on the 24^th of June when the cryptocurrency touched the 1130.00 value.

Optimistic bulls will argue that the current price of ETH/USD is far better than the lows seen a little more than one week ago when the 900.00 level was broken on the 18^th of June.  However, sellers of ETH/USD who want to speculate on nervous conditions continuing to boil cannot be blamed. Traders are urged to remain conservative and use limited amounts of leverage on their wagers. If ETH/USD continues to consolidate and fails to show sincere price velocity upwards, another wave of selling could be produced sooner rather than later.

If ETH/USD fails to challenge the 1195.00 mark above and if the 1200.00 does not see a sustained amount of trading above, Ethereum may have another round of downward momentum to display.  The trend lower in ETH/USD has not vanished and support levels remain within sight. The buying which has been demonstrated the past week of trading has likely not convinced sellers of ETH/USD that it is time to stop shorting Ethereum. If the 1130.00 support level falters short term, volatility in Ethereum could erupt into lower moves.

Ethereum Short-Term Outlook

Current Resistance: 1207.00

Current Support: 1150.00

High Target: 1261.00

Low Target: 1042.00