Ethereum (ETH/USD) extended recent gains early in the Asian session as the pair appreciated to the 3503.37 level after trading as low as the 3359.96 level during the European session, with the interday low just below the 23.6% retracement of the appreciating range from 3111.14 to 3452.06. Stops were elected above the 3399.16 area during the climb, representing the 38.2% retracement of the depreciating range from 4030.35 to 3009. Additional upside retracement levels and areas of potential technical resistance include the 3519, 3640, 3789, and 3811 levels.
Following the ongoing recent gains, downside retracement levels and areas of potential technical support include 3414, 3356, 3309, 3262, 3204, and 3195. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 3452.52 and the 200-bar MA (Hourly) at 3381.74.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 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 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.
Credit: Source link
