Ethereum (ETH/USD) sought to add to recent gains early in the Asian session as the pair appreciated to the 3958.15 level after trading as low as the 3835.70 area during the European session, with the interday low representing a test of the 23.6% retracement of the recent appreciating range from 3341.16 to 3984.82. Traders observe ETH/USD encountered technical resistance around the 3955.56 level during the European and North American sessions, right around the 61.8% retracement of the recent depreciating range from 4030.35 to 3834.57. ETH/USD bulls notched major gains last week when Stops were elected above the 3738, 3744, 3757, and 3815 areas, upside price retracement levels related to buying pressure that emerged around the 1718.41 area and selling pressure that emerged around the 4384.43 area.
Additional upside price objectives include the 4384.43 and 4518.94 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3010, 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3567.53 and the 50-bar MA (Hourly) at 3915.47.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 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.
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