Ethereum (ETH/USD) sought to retain recent gains early in the Asian session following the pair’s recent establishment of another fresh all-time high above the 4400 level. Stops were elected above the 4461.96 and 4481.74 levels, recent all-time highs that easily gave way when traders launched an assault on the psychologically-important 4500 level. Traders are carefully monitoring the 4517.94 area as an upside price objective related to historical buying pressure that emerged around the 1718.41 area.
Additional upside price objectives include the 4504.01, 4523.05, 4633.03, 4793.70, 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 4355, 4266, 4194, 4122, 4033, and 4019 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 4248.17 and the 100-bar MA (Hourly) at 4329.59.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4518.94/ 4633.03/ 4793.70 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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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