Ethereum (ETH/USD) extended its recent pullback early in the Asian session as the pair depreciated to the 3261.76 level after trading as high as the 3567.40 area during the North American session, with the interday high representing another test of recent technical support around the 3525.62 area, now serving as technical resistance. Traders lifted the pair from the 3194.57 area during yesterday’s Asian session, and the interday low has been just below the 61.8% retracement of the recent appreciating range from 3101 to 3567.40. Stops were recently elected above the 4149.09 area during the recent recovery higher, a technically significant downside price objective related to recent selling pressure. Stops were elected below downside price objectives during the recent pullback, including the 3914.27 and 3769.20 areas. Recent selling pressure emerged around the 4055.62 area and this spotlighted additional downside price objectives including the 3438.34, 3214.97, and 2853.91 levels.
During the recent climb to an all-time high around the 4384.43 area, Stops were elected above the 3987.65, 4113.81, and 4136.61 areas during the move to a new all-time high, upside price objectives related to historic buying pressure that originated around the 90 figure. Additional upside project objectives include the 4453.47, 4471.68, 4522.73, 4550.12, and 4609.38 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, 3239.60, 3544.77, 3644.05, 3847.64, and 3902.15 levels. Potential technical support levels during pullbacks include the 3513.12, 3185.46, and 3088.81 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 3638.18 and the 50-bar MA (Hourly) at 3431.25.
Technical Support is expected around 3119/ 2938.87/ 2853.91 with Stops expected below.
Technical Resistance is expected around 4384.43/ 4453.47/ 4522.73 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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.
Credit: Source link
