Ethereum (ETH/USD) slumped early in the Asian session as the pair depreciated to the 2715.20 level after trading as high as the 2800 area during the North American session, with the interday high representing a new lifetime high. Stops were elected above the 2756.26 area during the ascent, an upside price objective related to historic buying pressure around the 123.72 level. Stops were also recently elected above the 2677.40 area, an upside price objective related to buying pressure that commenced around the 148.08 area, with additional Stops also recently elected above the 2585.62 level that is related to historic buying pressure around the 176.43 area. Stops were also elected above the 2417.77 and 2429.80 levels, representing the 76.4% and 78.6% retracements of the depreciating range from 2546.82 to 2000.
During a recent pullback, Stops were recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels. Additional upside price objectives include the 2865.42, 3067.80, and 3164.19 levels. Potential technical support levels during pullbacks include the 2624, 2515.12 2504, and 2427.13 areas. 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 2469.81 and the 50-bar MA (Hourly) at 2696.35.
Technical Support is expected around 2624.00/ 2515.12/ 2427.13 with Stops expected below.
Technical Resistance is expected around 2865.42/ 3067.80/ 3164.19 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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