Ethereum (ETH/USD) worked to retain recent gains early in the Asian session as traders sought to add to recent upside progress that saw the pair trade well above the psychologically-important 2500 figure for the first time in several weeks. Traders initially pushed ETH/USD as high as the 2699 area in early August, a level that represented a test of an upside price retracement level related to recent buying pressure that emerged around the 1995.00 area. Stops were elected above the 2517.16 area during the recent appreciation, another upside price objective.
Additional upside price objectives include the 2731.47, 2787.83, 2970.55, 3010.89, and 3118.18 levels. Following the recent price appreciation, downside price retracement levels and areas of potential technical support include the 2467.58, 2324.41, 2208.71, and 2093 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 2396.57 and the 50-bar MA (Hourly) at 2588.51.
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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