Ethereum (ETH/USD) gained slight ground early in the Asian session as the pair traded as high as the 4271 level during the North American session after trading as low as the 4068.24 area during yesterday’s Asian session, the pair’s weakest print since late October. Traders moved ETH/USD above the 4020.99 area, representing the 38.2% retracement of the appreciating range from 2651 to 4867.81. Stops were elected below many retracement levels and areas of potential technical support during the recent sharp pullback, including the 4740, 4662, 4598, 4534, 4456, 4377, and 4344 levels.
ETH/USD bulls are eyeing 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 4020, 3759, 3497, 3174, and 3125 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 4316.45 and the 50-bar MA (Hourly) at 4275.46.
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
