Pullback Buys On The Board For Ethereum (ETH)
Cryptos are under pressure today as traders evaluate broader market conditions. Over the past 24-hours, Bitcoin BTC (-2.5%), Ethereum ETH (-4.46%), and Ripple XRP (-6.21%) have all pulled back. Subsequently, several big-round-number support levels are coming into play. At press time, two key areas to watch are $3,000 for ETH and $1.00 for XRP.
Last week, several institutions pulled their official SEC proposals for a registered Ethereum ETF. VanEck and Proshares both withdrew proposals for their Ether ETFs, only two days after filing. To some, the move was perceived to be a response to an internal SEC directive. At this point, no one really knows why VanEck and Proshares backed off the ETH ETFs. But, there is little doubt that the Gensler-led SEC isn’t exactly warm to the idea of crypto exchange-traded funds.
The past several weeks have been great for trading cryptos on the cash and CFD markets. Volatility has been consistent as heavy volumes have been the daily rule. The past 24-hours have been no different, especially for Ethereum.
$3,000 Back In View For Ethereum
Sometimes, the best trading plans are the simplest. For Ethereum, today’s pullback may bring the $3,000 psyche barrier back into play.
Bottom Line: As we roll toward September trade, cryptos are on the comeback trail. A weakened USD and institutional participation have prompted a major recovery from mid-May. For ETH, prices have regained momentum. In fact, values have nearly doubled since June’s low ($1700.0).
As of this writing, a short-term bullish bias for ETH is warranted. Until elected, I’ll be looking to buy Ethereum from $3,115. With an initial stop loss at $2,675, this trade produces $440 (14%) on a standard 1:1 risk vs reward management plan.
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