Ethereum (ETH/USD) notched strong gains early in the Asian session as the pair appreciated to the 1917 area after trading as low as the 1771.94 level during the European session, with the interday low representing a test of the 76.4% retracement of the appreciating range from 1734.29 to 1869. Chartists observe ETH/USD rallied to its strongest level since depreciating from the 1944 area in mid-March, eventually depreciating to 1545.77. Traders are again focusing on a test of the psychologically-important 2000 figure. Traders have lifted ETH/USD more than 100% year-to-date, pushing the pair as high as the 2041.42 level, a fresh all-time high. If ETH/USD extends its upward strength, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels.
Below current market levels, 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. 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. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 1751.85 and the 50-bar MA (Hourly) at 1831.61.
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 Bullishly above SlowD while MACD is Bullishly above 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.
Credit: Source link
