Ethereum (ETH/USD) was unable to reverse recent weakness early in the Asian session as the pair continues to trade below the psychologically-important 2500 area. Stops were recently elected below the 2128.45 area, representing a downside price objective related to selling pressure that emerged around the 4177.77 area. Additional downside price objectives related to this selling pressure include the 1495.42 and 862.39 areas. Technical bearishness was recently further evidenced when ETH/USD encountered selling pressure just above the 2360.48 area, representing the 50% retracement of the depreciating range from 2849.15 to 1871.81.
Stops were recently elected below the 1868.97 and 1789.02 areas during the depreciation, downside price objectives related to selling pressure that emerged around the 4177.77, 3531.06, and 2640 levels. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. 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 2105.93 and the 50-bar MA (Hourly) at 2207.58.
Technical Support is expected around 1700/ 1633.51/ 1456.03 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 Bearishly below 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.
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