Ethereum (ETH/USD) extended recent gains early in the Asian session as the pair appreciated to the 1982.21 area after trading as low as the 1886.11 level during the North American session, with the interday low representing a test of the 50-hour simple moving average, and the 78.6% retracement of the depreciating range from 2041.42 to 1292.76. Traders continue to focus on the psychologically-important 2000 figure, and speculate the all-time high of 2041.42 could be tested. 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 1932.59, 1906.64, 1859.89, 1822.11, 1764.32, 1737.57, and 1730.52. Beyond those levels, additional areas of technical support include 1403.13, 1296.30, and 1205.96. 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 1761.79 and the 50-bar MA (Hourly) at 1888.41.
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 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.
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