Ethereum (ETH/USD) showed a little bit of weakness early in the Asian session as the pair came off to the 3220.06 level after trading as high as the 3275 area during the European session, with the interday high representing a test of the 61.8% retracement of the recent depreciating range from 3311 to 3206.96. Traders observe ETH/USD recently bounced higher from the 3189.10 level during a recent pullback, representing a test of the 78.6% retracement of the depreciating range from 3293.17 to 2812.01. Stops were recently elected above the 3235.10 and 3266.37 areas during the recent appreciation, upside price objectives related to buying pressure that emerged around the 1718.41 level in July.
Additional upside retracement levels and areas of potential technical resistance include the 3448.52, 3744.53, 3757.51, 3815.95, and 3857.25 areas. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2893.53, 2887.09, 2787.81, 2746.74, and 2721.46 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 3183.64 and the 50-bar MA (Hourly) at 3261.63.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3341.47/ 3420.10/ 3788.66 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.
Credit: Source link
