Ethereum (ETH/USD) extended recent weakness early in the Asian session as the pair depreciated to the 3539.76 level after trading as high as the 4029 area during the European session, with the interday high representing a test of the 100-hour simple moving average, and the 50% retracement of the recent depreciating range from 4384.43 to 3525.62. Stops were elected below downside price objectives during the pullback, including the 3914.27 and 3769.20 areas. Recent selling pressure around the 4055.62 area is spotlighting additional downside price objectives including the 3438.34, 3214.97, and 2853.91 levels.
During the recent climb to an all-time high around the 4384.43 area, Stops were 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 aETHround the 90 figure. Additional upside project objectives include the 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 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 3802.33 and the 200-bar MA (Hourly) at 3803.06.
Technical Support is expected around 3513.12/ 3185.46/ 2853.91 with Stops expected below.
Technical Resistance is expected around 4384.43/ 4453.47/ 4522.73 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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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