Ethereum (ETH/USD) worked to sustain gains early in the Asian session as the pair appreciated to the 2014.28 level after trading as high as the 2109.90 area in the North American session, with the interday high representing a test of the 50% retracement of the depreciating range from 2173.37 to 1865.67. Traders pushed ETH/USD as low as the 1865.67 area during the European session, the pair’s weakest print since late June and a test of the 76.4% retracement of the recent appreciating range from 1717.41 to 2411.19. Stops were recently elected below the 2064.30, 2024.97, 2005.05, 1989.85, 1982.43, 1881.14, 1871.81, and 1868.97 areas.
Stops were recently elected below the 1868.97 and 1789.02 areas during the depreciation, downside price objectives related to selling pressure that emerged around the 4177.77, 3531.06, and 2640 levels. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 2124.36 and the 50-bar MA (Hourly) at 1974.11.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 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 Bearishly below 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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