Ethereum (ETH/USD) worked to retain recent bullishness early in the Asian session as some minor profit-taking ensued following another fresh all-time high that was recently established around the 4671 level. Buying pressure recently emerged around the 4456 area during a pullback, right around a recent all-time high right around the 4461.96 area, and also around the 50-hour simple moving average. Stops were recently elected above the 4517.94 area, an upside price objective related to buying pressure that emerged around the 2317.51 area in July.
Additional upside price objectives include the 4793.70, 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 4486, 4372, 4280, 4187, 4073, and 4056 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 4318.09 and the 50-bar MA (Hourly) at 4516.68.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4671/ 4793.70/ 4895.12 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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