Ethereum (ETH/USD) gave back some recent gains early in the Asian session as the pair extended its recent profit-taking selling pressure around the 4272 and 4170 areas, resulting in tests of downside price objectives around the 3906 and 3895 levels. Stops were elected below the 4033, 4008, and 3976 areas during the descent, and additional downside price objectives include the 3793 area. Traders recently pushed ETH/USD as high as the 4374.95 area, representing a test of its all-time high around the 4384.43 level from May 2021. Many Stops were recently elected above a series of upside price objectives during the acute move higher including the 4058, 4097, 4151, 4165, 4174, 4190, 4318, 4330, and 4335 levels.
Strong Stops were also elected above the climb higher including the 4003.24 and 4151.87 areas, levels related to buying pressure that recently emerged around the 3373.45 level. Additional upside price objectives include the 4490, 4504, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3748, 3688, 3515, 3375, 3360, 3235, 3082, 3046, 2733, 2345, and 2286 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 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 3903.88 and the 100-bar MA (Hourly) at 3972.03.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4384.43/ 4518.94/ 4633.03 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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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