Ethereum (ETH/USD) continues to attempt to reclaim its upward trajectory following recent buying pressure that emerged around the 1545 area, right the 50% retracement of the recent appreciating range from 1039.62 to 2041.42. Some potential areas of technical resistance that traders are monitoring include 1805, 1832.03, 1844.27, 1859.67, 1864.74, 1881.21, and 1912.06. 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. If ETH/USD extends its upward strength, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels. 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 bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 1704.23 and the 50-bar MA (Hourly) at 1692.38.
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 Bearishly below 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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