Ethereum (ETH/USD) sought to add to its recent bid early in the Asian session as traders continued to add to long positions above the psychologically-important 2000 figure. Traders recently lifted ETH/USD as high as the 2437.99 area earlier in the week, its strongest print in several weeks. Stops were recently elected above the 2247.69 and 2262.94 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 2411.19 to 1718.41. Additional Stops were triggered above the 2354.92 area, representing the 23.6% retracement of the recent depreciating range from the 4384.43 to 1728.
Some additional upside retracement levels include the 2742.76, 3056.22, 3369.67, 3757.51, and 3815.95 areas. Following the recent ascent to multi-day highs, some downside retracement levels and areas of potential technical support include 2231.50, 2133.45, 2054.21, 1974.96, and 1876.91. 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 2131.54 and the 50-bar MA (Hourly) at 2263.81.
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 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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