Ethereum (ETH/USD) looked to maintain recent upside progress early in the Asian session as traders continued to add to long positions that has seen the pair escalate above some key technical levels. Recent buying pressure saw ETH/USD lifted from the 1995 area over the past several days, a move that was hastened after Stops were elected above the 2247.69 and 2262.94 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 2411.19 to 1718.41. Additional Stops were triggered above the 2354.92 area, representing the 23.6% retracement of the recent depreciating range from the 4384.43 to 1728.
Some additional upside retracement levels include the 2742.76, 3056.22, 3369.67, 3757.51, and 3815.95 areas. Following the recent ascent to multi-day highs, some downside retracement levels and areas of potential technical support include 2231.50, 2133.45, 2054.21, 1974.96, and 1876.91. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 2055.02 and the 50-bar MA (Hourly) at 2196.55.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly 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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