Ethereum (ETH/USD) gave back recent gains early in the Asian session as the pair depreciated to the 3017.09 level after recently trading as high as the 3275, a level that represented a test of the 23.6% retracement of the appreciating range from 1718.41 to 3744.53. Stops were elected below the 3118.18 and 3056.22 levels during the pullback, representing the 50% retracement of the appreciating range from 1718.41 to 4517.94, and the 50% retracement of the depreciating range from 4384.43 to 1728. The recent move higher represented the pair’s strongest print since mid-May when ETH/USD sharply sold off from the 4384.43 area.
Traders observe that the appreciation to multi-week highs also represented a test of the 3266.37 area, an upside price objective related to buying pressure that recently emerged around the 2152 area. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2877.16, 2655.72, 2476.76, 2297.79, and 2076.35 levels. 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 2994.46 and the 200-bar MA (Hourly) at 2988.46.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3266.37/ 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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