Ethereum (ETH/USD) sought to resume its upside trajectory early in the Asian session as the pair continued to orbit some key technical levels, including the 3837 area that is related to buying pressure that initially emerged around the 2781.99 area. Selling pressure recently knocked ETH/USD lower from the 3964.91 level, representing a test of the 3968.49 area, an upside price objective that became technically significant when buying pressure recently emerged around the 3375.24 area. The significance of this upside price objective was confirmed when technical support recently emerged around the 3688.48 level, a related price objective.
Another important range is the recent depreciation from 3965.29 to 3643, as evidenced by recent selling pressure that emerged around 78.6% retracement of this depreciating range. Additional upside price objectives include the 4058, 4097, 4190, 4318, 4330, 4490, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3688, 3515, 3375, 3235, 3082, and 3035 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3734.63 and the 100-bar MA (Hourly) at 3828.78.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 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 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