Ethereum (ETH/USD) sought additional direction early in the Asian session as the pair continued to encounter technical resistance just below the 4344.64 area, representing the 23.6% retracement of the appreciating range from 2561 to 4867.81, and also faced technical resistance around the 200-bar, 4-hour simple moving average. Traders also observe technical resistance around the 4365.50 area, representing the 50% retracement of the depreciating range from 4770 to 3961. Additional upside retracement areas in this depreciating range include the 4460, 4579, and 4596 areas.
Stops were elected below many retracement levels and areas of potential technical support during the recent sharp pullback, including the 4740, 4662, 4598, 4534, 4456, 4377, and 4344 levels. ETH/USD bulls are eyeing upside price objectives including the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent volatility, downside price retracement levels and areas of potential technical support include the 3759, 3497, 3174, and 3125 levels. 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 4344.96 and the 200-bar MA (Hourly) at 4406.17.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 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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