Ethereum (ETH/USD) extended recent gains above the psychologically-important 2000 figure early in the Asian session as traders continued to benefit from improving technical sentiment that saw the pair trade just below the 2500 figure late last month. Traders observed strong technical demand just below the 2163 area, right around the 38.2% retracement of the recent appreciating range from 1718.41 to 2437.99. ETH/USD registered gains of 7.3% in July and has notched gains of more than 232% year-to-date.
Above recent areas of technical significance, additional upside retracement levels include the 2631.60, 2657.89, 2725.47, 2742.76, 2913.68, 3042.22, and 3056.22 levels. Following the recent ascent to multi-week highs, downside price retracement levels include 2333.53, 2303.32, 2191.54, 2041.42, and 2000.49 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 2268.66 and the 50-bar MA (Hourly) at 2394.04.
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 Bullishly above 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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