Ethereum (ETH/USD) drifted lower early in the Asian session as the pair depreciated to the 3881 level after trading as high as the 3970 area during yesterday’s Asian session, with the interday low representing a test of the 38.2% retracement of the recent appreciating range from 3341.16 to 3984.82. Buying pressure recently emerged around the 3867.70 level, representing the 23.6% retracement of the appreciating range from 3341.16 to 4030.35. Thereafter, selling pressure emerged around the 3967.19 and 3947.68 levels, representing the 61.8% and 50% retracements of the depreciating range from 4030.35 to 3865. ETH/USD bulls notched major gains last week when Stops were elected above the 3738, 3744, 3757, and 3815 areas, upside price retracement levels related to buying pressure that emerged around the 1718.41 area and selling pressure that emerged around the 4384.43 area.
Additional upside price objectives include the 4384.43 and 4518.94 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3010, 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 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 bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3488.58 and the 50-bar MA (Hourly) at 3872.30.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3984.82/ 4384.43/ 4518.94 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 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