Ethereum (ETH/USD) gained ground early in the Asian session as the pair appreciated to the 2342.22 level after trading as low as the 2059.31 area during the European session, with the interday high representing a test of the 61.8% retracement of the depreciating range from 2548 to 2000. A brief pullback during the North American session saw ETH/USD test the 50% retracement of the appreciating range from 2054.25 to 2234.08. Stops were recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels during the pullback. Prior to that, Stops were recently elected above the 2460.24 area during the ascent, an upside price objective related to historic buying activity that emerged around the 215.16 level.
Significant Stops were also recently elected above many upside price objectives including 2150.66 and 2210.42, areas related to historical buying pressure around the 310.79 and 90 areas. Additional upside price objectives include the 2585.62 and 2677.40 areas, levels related to previous buying pressure around the 176.43 and 148.08 levels. Potential technical support levels during pullbacks include the 1925.07, 1780.10, and 1758.25 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 2307.79 and the 200-bar MA (Hourly) at 2301.71.
Technical Support is expected around 1925.07/ 1780.10/ 1758.25 with Stops expected below.
Technical Resistance is expected around 2585.62/ 2677.40/ 2756.26 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 Bearishly below 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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