Ethereum (ETH/USD) made minor gains early in the Asian session as the pair appreciated to the 2350.79 level after trading as low as the 2295.50 area during the North American session, with the interday low representing a test of the 38.2% retracement of the appreciating range from 2102.55 to 2403.93. Profit-taking emerged after ETH/USD was knocked lower after establishing a new lifetime high around the 2403.93 level. Significant Stops were recently elected above many upside price objectives including 2150.66 and 2210.42, areas related to historical buying pressure around the 310.79 and 90 areas.
Additional upside price objectives include the 2460.24, 2585.62, and 2677.40 areas, levels related to previous buying pressure around the 215.16, 176.43, and 148.08 levels. Potential technical support levels during pullbacks include the 2201.40, 2076.11, 1974.85, 1873.59, 1748.30, and 1729.42 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 2143.11 and the 50-bar MA (Hourly) at 2270.22.
Technical Support is expected around 2022.58/ 1931.54/ 1840.49 with Stops expected below.
Technical Resistance is expected around 2460.24/ 2585.62/ 2677.40 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.