Ethereum (ETH/USD) attempted to protect some decent gains early in the Asian session as the pair sought to find another bid above the psychologically-important 1900 level after spiking to the 1994.40 area during yesterday’s Asian session, representing a test of the 23.6% retracement of the depreciating range from 2411.19 to 1865.67. Strong upward pressure emerged around the 50-hour simple moving average, and the pair also tested the 50-bar, 4-hour simple moving average during its climb. Technicians note the interday high also represented a test of the 1994.44 area, representing the 76.4% retracement of the depreciating range from 2039.99 to 1847.
Traders will continue to monitor price activity around the 2005.05 and 2024.97 levels, recent downside price objectives related to selling pressure that commenced around the 4384.43 level. Stops were recently elected below the 2064.30, 2024.97, 2005.05, 1989.85, 1982.43, 1881.14, 1871.81, and 1868.97 areas during the recent move lower. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 50-bar MA (4-hourly) at 1990.76 and the 100-bar MA (Hourly) at 1929.36.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 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.