Ethereum (ETH/USD) was somewhat better early in today’s Asian session as the pair appreciated to the 2042.12 area after trading as low as the 1968.50 area during the European session, with the interday low representing a test of the 23.6% retracement of the recent appreciating range from 1700 to 2045. Traders observe the move to the interday high also represented a test of the 100-hour simple moving average, and also the 2036.84 area that represents the 61.8% retracement of the appreciating range from 90 to 5186.44. Stops were recently elected below the 2339 and 2194.90 areas, representing the 50% and 38.2% retracements of the depreciating range from 2950 to 1728. Potential technical support levels during additional pullbacks include the 1783 and 1725 levels.
During the recent appreciation to an all-time high around the 4384.43 area, Stops were elected above the 3987.65, 4113.81, and 4136.61 areas, upside price objectives related to historic buying pressure that originated around the 90 figure. Areas of potential technical resistance include 2742, 3056, and 3369. 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 50-bar MA (4-hourly) at 2214.03 and the 100-bar MA (Hourly) at 2050.19.
Technical Support is expected around 1860/ 1783.89/ 1755.41 with Stops expected below.
Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 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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