Ethereum (ETH/USD) added to recent gains early in the Asian session as the pair appreciated to the 3348.97 level after recently trading as high as the 3378.60 level during the North American session, with the interday high representing a test of the 61.8% retracement of the depreciating range from 4384.43 to 1728. Buying pressure recently emerged around the 100-bar, 4-hour simple moving average, catapulting ETH/USD to its strongest level since mid-May. If additional upside pressure emerges, upside retracement levels and areas of potential technical resistance include the 3448.52, 3757.51, 3815.95, 3857.25, and 4384.43 levels.
Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3261.84, 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 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 3192.18 and the 50-bar MA (Hourly) at 3262.40.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3448.52/ 3788.66/ 4384.43 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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