Ethereum (ETH/USD) added to recent upside gains early in the Asian session as the pair appreciated to the 4082.50 level after trading as low as the 3847.24 area during the European session, with the interday high representing a test of the 23.6% retracement of the recent appreciating range from 3428.25 to 3984. Buying pressure was earlier seen around the 100-hour simple moving average during yesterday’s Asian session after ETH/USD tested the 50% retracement of the recent appreciating range from 3356.69 to 3984. Stops were recently elected above the 3987.65, 4113.81, and 4136.61 areas during the move to a new all-time high, upside price objectives related to historic buying pressure that originated around the 90 figure.
Additional upside project objectives include the 4278.38, 4378.89, 4453.47, 4471.68, 4522.73, 4550.12, and 4609.38 levels. Stops were also recently elected above several upside price objectives during ETH/USD’s sharp rise, including the 3067.80, 3164.19, 3174.26, 3181.61, 3239.60, 3544.77, 3644.05, 3847.64, and 3902.15 levels. Potential technical support levels during pullbacks include the 3692.83, 3513.12, 3185.46, and 3088.81 areas. 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 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3632.32 and the 50-bar MA (Hourly) at 4001.80.
Technical Support is expected around 3692.83/ 3513.12/ 3185.46 with Stops expected below.
Technical Resistance is expected around 4278.38/ 4378.89/ 4453.47 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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
