There is still a lot of uneasy momentum across the cryptocurrency industry. Although most top coins are in the green following a bit of an odd weekend, the short-term price predictions are still all over the place. In the case of Ethereum, it seems evident the market can easily swing either way over the coming days. That makes for a rather interesting outlook, all things considered.
Keep Shorting ETH for now
Even though the Ethereum price has seen a pretty interesting uptrend over the past few hours, there are still some concerns things may not necessarily continue in a similar manner. If trader TradeBI’s chart is to be believed, it seems to be a matter of time until ETH hits a resistance wall and starts retracing. This is, in most cases, a sign of an impending bear trend waiting to materialize once again.
Assuming that will indeed be the case, one has to wonder where things will end up at. Another negative wave for Ethereum can easily send the price back to the $81 range in quick succession. It would not be the biggest setback to date, yet it is more than sufficient toe rode any positive price expectations associated with this altcoin right now. It will be an interesting day for Ethereum trading, as either the resistance will be broken or support will be tested heavily again.
Daily Targets Can go Either Way
When looking at the chart outlined by Longmoney, it is evident things can easily head in either direction moving forward. There is no clear sense of direction where Ethereum is concerned, although that doesn’t necessarily have to be a bad thing either. After all, there is a chance the daily target will stay close to the $85 level, indicating there is some decent support building for the future.
At the same time, there are plenty of people who want to see some profits before the year is over. With Ethereum, that may prove to be challenging first and foremost, especially because there is no genuine level of support to speak of right now. It is equally possible the price will go down even further in the coming days, albeit an uptrend might materialize at any point in the future as well.
Bounces get People Excited
Even though there is a growing demand for a positive Ethereum price spell, it will not necessarily materialize simply because people demand it. On the chart shared by AndrewjHunter, it is evident the Ethereum price recently touched upon a new low since May of 2017. That in itself is extremely worrisome, but it doesn’t necessarily indicate that trend will continue.
As such, the current Ethereum price would indicate there is some positive momentum brewing. A bounce in the upward direction will be more than welcome, yet it remains to be seen how high the price can effectively go in the coming days. After all, the current trading volume doesn’t necessarily warrant much excitement just yet, but the week has only just begun.