Ethereum (ETH/USD) moved higher early in the Asian session as the pair appreciated to the 2944 level after trading as low as the 2855.29 area during the European session, with the interday low representing a test of the 38.2% retracement of the appreciating range from 2682.83 to 2956.99. Traders recently pushed ETH/USD to a new lifetime high around the 2956.99 area, and are now contemplating a test of the psychologically-important 3000 figure. Stops were elected above the 2865.42 level during the move to a new all-time high, an upside price objective related to historic buying pressure that emerged around the 90.00 level. Stops were also recently elected above the 2677.40 area, an upside price objective related to buying pressure that commenced around the 148.08 area, with additional Stops also recently elected above the 2585.62 level that is related to historic buying pressure around the 176.43 area.
During a recent pullback, Stops were recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels. Additional upside price objectives include the 3067.80 and 3164.19 levels. Potential technical support levels during pullbacks include the 2624, 2515.12 2504, and 2427.13 areas. 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 2639.83 and the 50-bar MA (Hourly) at 2878.09.
Technical Support is expected around 2624.00/ 2515.12/ 2427.13 with Stops expected below.
Technical Resistance is expected around 3067.80/ 3164.19/ 3239.60 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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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