Ethereum (ETH/USD) remained on the defensive early in the Asian session as the pair continues to struggle to add to recent market gains that have seen a partial recovery from the 1700 area over the past couple of weeks. Traders continue to eye the 2435.42 area as an important technical level, representing the 61.8% retracement of the recent depreciating range from 2890 to 1700. Bids recently lifted ETH/USD from the 1717.41 area and Stops were elected above the 1868.97 area, a level that was a recent downside price objective related to selling pressure that emerged around the 4177.77 area.
Stops were recently elected below the 1868.97 and 1789.02 areas during the depreciation, downside price objectives related to selling pressure that emerged around the 4177.77, 3531.06, and 2640 levels. 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 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 2288.84 and the 50-bar MA (Hourly) at 2281.10.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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