Ethereum (ETH/USD) sought to retain its recent bid early in the Asian session as traders continued to accumulate long positions around the 4200 level after the pair recently traded as high as the 4257.71 area, with that interday high representing a test of the 76.4% retracement of the recent depreciating range from 4374.95 to 3885.25. Buying pressure recently emerged around the 50-bar, 240-minute simple moving average and 200-hour simple moving average, indications of technical trading activity that saw ETH/USD remain bid above the 3962.05 level. Many Stops were recently elected above a series of upside price objectives during the acute move higher including the 4058, 4097, 4151, 4165, 4174, 4190, 4318, 4330, and 4335 levels.
Additional upside price objectives include the 4490, 4504, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3748, 3688, 3515, 3375, 3360, 3235, 3082, 3046, 2733, 2345, and 2286 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 4024.40 and the 40-bar MA (Hourly) at 4137.83.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4384.43/ 4518.94/ 4633.03 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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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