Ethereum (ETH/USD) gained a little bit of ground early in the Asian session as the pair rallied to the 1850 area after trading as low as the 1785.77 level during the European session, with the interday low representing a test of the 61.8% retracement of the appreciating range from 1734.29 to 1869. Chartists observe ETH/USD traded as high as the 1860 level during the North American session before giving back some gains, and the pair’s resilience has some traders speculating a test of the 2000 figure may be possible. Some potential areas of additional technical resistance that traders are monitoring include 1859.67, 1864.74, 1881.21, and 1912.06. 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. 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. 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 1751.84 and the 50-bar MA (Hourly) at 1792.53.
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 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.
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