Ethereum (ETH/USD) moved sharply lower early in the Asian session as the pair depreciated below the 3500 level after trading as high as the 3971.34 area during yesterday’s Asian session, with the interday high representing a test of the 61.8% retracement of the recent depreciating range from 4030.35 to 3865. Stops were elected below several key areas of potential technical support during the pullback, including the 3857, 3775, 3656, 3618, and 3490 levels. Additional downside levels of potential technical support include the 3448, 3424, 3363, 3237, 3147, and 3118 levels.
Major Stops were elected below the 3807 area during the acute depreciation, a downside price objective related to selling pressure that emerged around the 4030.35 and 3982.64 levels. Additional major Stops were triggered below the 3106.39 area, an area related to selling pressure that emerged around the 3971 and 3786 levels. Traders are carefully monitoring potential technical support around the 3055.97 area. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 3294.80 and the 200-bar MA (Hourly) at 3723.88.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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.