Ethereum (ETH/USD) continued to orbit the 2152.84 area following recent buying activity that saw bids emerge around the 2017.07 area, representing a test of the 61.8% retracement of the broad historic trading range from 551.45 to 4384.43. Technical resistance thereafter emerged around the 2153.24 area, representing a test of the 78.6% retracement of the appreciating range from 1545.77 to 4384.43. Bids recently lifted ETH/USD from the 1717.41 area and Stops were elected above the 1868.97 area, a level that was a recent downside price objective related to selling pressure that emerged around the 4177.77 area. Traders have been paying close attention to other areas that recently served as technical resistance including the 2310, 2360, 2459, 2500, and 2618 levels.
Stops were recently elected below the 1868.97 and 1789.02 areas during the depreciation, downside price objectives related to selling pressure that emerged around the 4177.77, 3531.06, and 2640 levels. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 100-bar MA (4-hourly) at 2075.12 and the 100-bar MA (Hourly) at 2142.19.
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 Bullishly above SlowD while MACD is Bearishly below 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
