Ethereum (ETH/USD) was pressured early in the Asian session as the pair depreciated to the 1917.40 level after trading as high as the 2047.72 area in the European session, with the intraday high right around the 23.6% retracement of the depreciating range from 2411.19 to 1937. Significant Stops were elected below the 2859.08 area, representing the 38.2% retracement of the 2640 to 1700. Traders have been unable to push ETH/USD above the 2245.61 area for several trading sessions, another downside price objective related to selling pressure that emerged around the 4384.43 level. Additional downside price objectives that represent potential technical support include the 2064.30, 2024.97, 2005.05, 1989.85, 1982.43, 1881.14, 1871.81, and 1868.97 areas.
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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 2153.61 and the 50-bar MA (Hourly) at 2054.20.
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 Bearishly below 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.
