Ethereum (ETH/USD) glided higher early in the Asian session as the pair appreciated to the 2397.30 level after trading as low as the 2317 area during the North American session, with the interday low representing a test of the 50% retracement of the appreciating range from 2102.55 to 2538.69. Traders pushed ETH/USD lower from the 2497.84 level during the European session, representing a test of the 78.6% retracement of the depreciating range from 2548 to 2305. Stops were recently elected above the 2460.24 area during the ascent, an upside price objective related to historic buying activity that emerged around the 215.16 level. Significant Stops were recently elected above many upside price objectives including 2150.66 and 2210.42, areas related to historical buying pressure around the 310.79 and 90 areas.
Additional upside price objectives include the 2585.62 and 2677.40 areas, levels related to previous buying pressure around the 176.43 and 148.08 levels. Potential technical support levels during pullbacks include the 2304.36, 2159.39, 2042.23, 1925.07, 1780.10, and 1758.25 areas. 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 2287.17 and the 100-bar MA (Hourly) at 2411.19.
Technical Support is expected around 2022.58/ 1931.54/ 1840.49 with Stops expected below.
Technical Resistance is expected around 2585.62/ 2677.40/ 2756.26 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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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