Ethereum (ETH/USD) sought to extend recent gains early in the Asian session as the pair continued its comeback following recent selling pressure that emerged around the 3968.49 level, a level that was right around an upside price objective around the 3964 area. During a subsequent quick sell-off, ETH/USD traded as low as the 3643 area, representing a test of a previous upside price objective related to buying pressure around the 3269 area. Buying pressure has been seen around the 3688 level, representing the 23.6% retracement of the appreciating range from 2781.99 to 3968.49.
Additional upside price objectives include the 4058, 4097, 4190, 4318, 4330, 4490, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3688, 3515, 3375, 3235, 3082, and 3035 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3701.79 and the 100-bar MA (Hourly) at 3829.22.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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