Ethereum (ETH/USD) attempted to reclaim recent upward progress early in the Asian session as the pair rapidly ascended to the 3349 level earlier this week before quickly coming off to the 3109.56 area, a level that represents the 78.6% retracement of the appreciating range from 3151.18 to 3343.40. Traders are carefully observing how ETH/USD trades around the 3214.30 area, representing the 50% retracement of the broader depreciating range from 3378.60 to 3050. The pair has recently traded very technically, and has encountered technical support during several sessions around the 50% retracement of the depreciating range from 4384.43 to 1728. Some additional downside price levels that may be challenged in the short-term include the 3010, 2966, 2877, 2787, 2742, 2728, and 2705 levels.
If additional upside pressure emerges, upside retracement levels and areas of potential technical resistance include the 3448.52, 3757.51, 3815.95, 3857.25, and 4384.43 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 levels. 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3219.21 and the 100-bar MA (Hourly) at 3220.41.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3448.52/ 3788.66/ 4384.43 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 Bearishly below 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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