Ethereum (ETH/USD) gave back some gains early in today’s Asian session as the pair depreciated to the 1860.92 area after trading as high as the 1911 area during the European session, with the interday high below the recent multi-week peak of 1944. Technical support emerged just above the 1836 level during a pullback, a previous technical resistance area, and technical support later emerged around the 50-hour simple moving average. Buying pressure emerged around the 38.2% retracement of the appreciating range from 1206.05 to 2041.42 ahead of the recent surge. Stops were recently elected above the 1881.21 level during the climb, representing the 78.6% retracement of the depreciating range from 2041.42 to 1292.76. If ETH/USD extends its upward strength, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels.
Stops were also recently elected above the 1930.40, 1957.36, and 2017.05 levels during the appreciation, areas related to historical buying pressure around the 215.16, 370.50, and 176.43 areas. Some areas of potential technical support during pullbacks include 1403.13, 1205.96, and 1008.79, with stronger technical support likely in place around 1296.30 and 1066.14. If ETH/USD extends its recent depreciation, potential technical support includes 1285.87 and 1205.96. 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 1791.45 and the 50-bar MA (Hourly) at 1860.56.
Technical Support is expected around 1285.87/ 1205.96/ 1128.29 with Stops expected below.
Technical Resistance is expected around 2080.48/ 2134.98/ 2150.66 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 Bullishly above 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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