ETHUSD Sudden Downturn Will Confront Speculators' Endurance Ethereum cryptotraders
of April ETH/USD flirted with the 3600.00 ratio which threatened to touch early January marks and could have ignited another bullish leg upward. However, the resistance level has for the moment, proven durable and ETH/USD has seen its price erode swiftly.
The current value of ETH/USD is near 2315.00, close enough to key support levels to actually cause nervousness among speculators, who may have been hurt by the long term bearish trend experienced the past six months. After flashing positive upwards movement since the middle of March, Ethereum has embarked on a sudden downturn and now traders must decide if this is a temporary glitch or a sign of more bad things to come. Speculative endurance is certain to be tested.
If ETH/USD is not able to hold above the 3200.00 mark in the short term, this would be a negative signal. Optimistic traders may be tempted to believe the selloff being demonstrated will prove to be a worthwhile buying opportunity because a reversal higher can be produced, but they should use careful risk taking tactics just in case selling continues to build momentum in the short term.ETH/USD is a leading digital asset and should be monitored carefully because it certainly serves as an important barometer of behavioral sentiment.
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