Ethereum (ETH/USD) came off early in the Asian session as the pair depreciated to the 3851 level after trading as high as the 3984 area during the European session, with the interday high representing a fresh lifetime high and a test of the psychologically-important 4000 figure. Traders drove ETH/USD as low as the 3726.29 area during the European session, representing a test of the recent appreciating range from 3356.69 to 3984. Traders recently made a decisive break above the 3543.39 level that was first tested last week and represents an upside price objective related to historic buying pressure around the 90 level. Additional upside price objectives include the 4113.61 and 4136.61 areas levels.
Stops were also recently elected above several upside price objectives during ETH/USD’s sharp rise, including the 3067.80, 3164.19, 3174.26, 3181.61, and 3239.60 levels. Stops were earlier elected above the 2865.42, 2677.40, and 2585.62 areas. During a recent pullback, Stops were also recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels. Potential technical support levels during pullbacks include the 3123.54, 3063.83, 2822.03, and 2725.38 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 3402.83 and the 50-bar MA (Hourly) at 3739.43.
Technical Support is expected around 3308.05/ 3165.26/ 2971.28 with Stops expected below.
Technical Resistance is expected around 3987.65/ 4113.61/ 4136.61 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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