Ethereum (ETH/USD) retained its bid early in the Asian session as the pair added to gains above the 4300 level after trading as low as the 4282.07 level during the European session, with the interday low representing a test of the 23.6% retracement of the recent appreciating range from 3950 to 4376.65. Strong upside buying activity emerged around the 3950 area early this week, just above recent multiweek lows around the 3915 level. Traders are monitoring price activity around the 4391.41 level, representing the 50% retracement of the recent depreciating range from 4867.81 to 3915.
Additional upside retracement levels in this depreciating range include the 4503.84, 4642.95, and 4663.91 areas. ETH/USD bulls continue to focus on upside price objectives including the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent volatility, downside price retracement levels and areas of potential technical support include the 3759, 3497, 3174, and 3125 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 4392.37 and the 200-bar MA (Hourly) at 4220.21.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 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 Bearishly below 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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