Ethereum (ETH/USD) rebounded early in the Asian session as the pair appreciated to the 1940.36 level after trading as low as the 1850.15 area during the European session, with the intraday high representing a test of the 50-hour simple moving average, and a test of the 23.6% retracement of the depreciating range from 2173.37 to 1865.67. 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. The interday 1850.15 low represents the pair’s weakest print since late June.
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 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 2040.24 and the 50-bar MA (Hourly) at 1937.42.
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 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.