Ethereum (ETH/USD) partially recovered from intraday selling pressure early in the Asian session as the pair traded back above the 4000 figure after being driven as low as the 3913 level during the North American session, with the intraday low representing a test of the 50% retracement of the recent appreciating range from 3575 to 4257. Traders are looking to see if BTC/USD can make a sustained break above the 50-hour simple moving average that is currently providing technical resistance. Stops were elected below a range of downside price objectives during the recent decline, including the 4521, 4440, 4391, 4303, 4255, 4205, 4159, 4097, 3935, and 3710 levels.
Buying pressure finally stopped the acute selling pressure just above the 3570.64 area, a downside price objective related to selling pressure that emerged around the 4767.44 level. If ETH/USD extends its recent weakness lower, additional downside price objectives include the 3570, 3484, 3288, 3207, 2938, 2758, and 2373 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 4171.22, 4311.93, 4486.02, and 4512.26 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 4288.49 and the 50-bar MA (Hourly) at 4234.49.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4265.21/ 4311.93/ 4486.02 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 Bearishly below 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.
Credit: Source link
