Ethereum (ETH/USD) continued to reclaim some recent lost ground early in today’s Asian session as traders tried to sustain a recent break above the 2170 level, representing the 50% retracement of the recent depreciating range from 2640 to 1700. Stops were recently elected above the 1921.84 and 2154.58 levels, representing retracement levels related to recent depreciations from the 2890 and 2640 levels. Additional upside price objectives include the 2280, 2295, 2418, and 2435 levels. Stops were recently elected below the 1868.97 area during the depreciation, a downside price objective related to selling pressure that emerged around the 4177.77 area and intensified around the 3531.06 area.
Additional Stops were recently elected below the 1789.02 area, a downside price objective related to selling pressure that emerged around the 2640 area. Recent negative sentiment had traders focusing on additional 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 100-bar MA (4-hourly) and below 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 100-bar MA (4-hourly) at 2152.83 and the 50-bar MA (Hourly) at 2041.31.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly above 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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