Ethereum (ETH/USD) extended its pullback early in the Asian session as the pair depreciated to the 2405.28 level after trading as high as the 2501.56 area during the European session, with the intraday low representing a test of previous technical resistance around the 2403.93 area. Traders pushed ETH/USD as low as the 2305 area during the North American session, representing a test of the 23.6% retracement of the appreciating range from 1545.77 to 2548. Stops were recently elected above the 2460.24 area during the ascent, an upside price objective related to historic buying activity that emerged around the 215.16 level. Significant Stops were recently elected above many upside price objectives including 2150.66 and 2210.42, areas related to historical buying pressure around the 310.79 and 90 areas.
Additional upside price objectives include the 2585.62 and 2677.40 areas, levels related to previous buying pressure around the 176.43 and 148.08 levels. Potential technical support levels during pullbacks include the 2304.36, 2159.39, 2042.23, 1925.07, 1780.10, and 1758.25 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 2238.48 and the 50-bar MA (Hourly) at 2437.73.
Technical Support is expected around 2022.58/ 1931.54/ 1840.49 with Stops expected below.
Technical Resistance is expected around 2585.62/ 2677.40/ 2756.26 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 Bullishly above 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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