ETH/USD is still within sight of its lowest short-term depths, but the cryptocurrency has been able to display speculative reversals higher which have created choppy conditions.

ETH/USD is trading around the 1200.00 mark as of this writing.  While Ethereum is certainly still able to be viewed close to its lowest depths, reversals higher in the short term have been abundant and made for speculative and choppy conditions. Yesterday’s early low in ETH/USD was approximately 1011.00, which definitely caught the attention of the broad cryptocurrency market.

The long term bearish trend in ETH/USD is loud and clear. Speculators with a taste for adventure could wager on upside when perceived support levels are flirted with and try to capture rebounds upwards, but getting out of buying positions before they run into headwinds remains difficult to time. ETH/USD did reach a high of nearly 1254.00 early this morning, which beat all of yesterday’s highs, but Ethereum was not able to puncture – or even really get close – to the 1280.00 mark which could stir additional speculative hearts.

The move higher across many of the major cryptocurrencies in the past half day may calm the digital asset market temporarily, but all it would take is another dose of selling to reignite the thought that new lows are going to be demonstrated. Short-term support near the 1153.00 should be monitored, sustained trading above this level could spark confidence, but if it is penetrated lower selling shadows could reemerge quickly. The question traders need to confront is just how long they can maintain a position within the choppy conditions which are prevailing.

It is likely that short term trading will produce rather whipsaw effects for speculators.  After the thunderous move downwards which was delivered the past handful of days, a break in the tidal wave lower may be logical. However, if ETH/USD continues to stay within sight of lows hit yesterday and is not able to enjoy a sincerely strong move up and above the 1300.00 level, traders will likely remain suspicious that selling pressure will once again be demonstrated. The question is when?

Short term traders with superb risk taking tactics and the ability to maneuver their leverage conservatively, use entry points, stop and take profit orders wisely could participate in ETH/USD with quick hitting trades trying to take advantage of short term gyrations. The upside may have brief moments of wagering ability. But traders’ who are still skeptical and believe more bearish momentum will be generated, may simply want to wait for resistance to emerge technically and then short Ethereum. ETH/USD will remain extremely dangerous to trade near term and traders need to be cautious.

Ethereum Short-Term Outlook

Current Resistance: 1255.00

Current Support: 1155.00

High Target: 1386.00

Low Target: 970.00

XRP/USD remains near important lows after touching a depth it had not traversed since January, as the price of Ripple struggles to create positive momentum.

XRP/USD is trading near the 62 and a quarter cents ratio as of this writing.  This past Saturday saw XRP/USD slip to a value below the 57 cents level, a mark that had not been seen since the last week of January. The broad cryptocurrency market remains in a bearish mode and Ripple has certainly been caught within the tide of negative sentiment.

XRP/USD traded near the 62 and half cents level on the 23^rd and 24^th of February. Traders need to understand the price range XRP/USD is now traversing hasn’t sincerely been fought over since the last week of January in a sustained manner. If XRP/USD is not able to climb higher near term and remains under the 62 and half cents juncture, this could create additional fragile behavioral sentiment among traders.

If support near the 62 cents mark proves vulnerable, traders cannot be blamed for targeting lower values with selling positions. XRP/USD proved this weekend that it is capable of moving fast and the spike lower on Saturday mirrored results seen in other major cryptocurrencies as fear grew. Some speculators may want to claim that profit taking was a cause for the sharp decline this weekend, but the downwards trend in XRP/USD and other major cryptocurrencies are testing vital support across the crypto landscape.  

The notion that XRP/USD has now completely fallen through levels which were believed to be important support as the digital asset created a bullish trend from late February until late March is a poor indicator. The total reemergence of bearish momentum and failure of support levels to hold back selling, signals further declines could be demonstrated near term. If the 62 cents level is brushed aside, aiming for support near 61 and half cents seems almost reasonable. Volatility may continue to be exhibited in XRP/USD and traders need to use their risk management carefully.

Traders who want to pursue higher momentum and believe reversals will be demonstrated should not be overly ambitious regarding their targets.  XRP/USD has seen a steady loss of value the past couple of weeks and its price velocity this weekend was fast. Some traders may believe the worst of the selling is over, but speculators who decide to wager on higher moves should remain cautious.

Ripple Short-Term Outlook

Current Resistance: 0.62820

Current Support: 0.61750

High Target: 0.64390

Low Target: 0.58550