Ethereum (ETH/USD) remained pressured early in the Asian session as the pair slumped to the 4044.17 area during the North American session after trading as high as the 4133 area during the European session. The pair has recently been capped around the 50-hour simple moving average, and buying activity recently emerged around the 3975 and 4050 areas, representing the 78.6% retracements and 50% retracement levels of the recent appreciating range from 3915 to 4186.97. ETH/USD continues to orbit the 4138.22 area, representing the 23.6% retracement of a broad appreciating range from 1776.32 to 4867.81.
ETH/USD bulls continue to focus on upside price objectives including the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent volatility, downside price retracement levels and areas of potential technical support include the 3759, 3497, 3174, and 3125 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 50-bar MA (4-hourly) at 4218.03 and the 50-bar MA (Hourly) at 4093.60.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 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 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.
Credit: Source link
