Ethereum (ETH/USD) remained on the defensive early in the Asian session as the pair continued to orbit the psychologically-important 3000 figure following the sharp pullback from the 3293.17 level earlier in the week. Significant Stops were elected below the 3130.04 and 2999.24 levels during the decline, representing the 23.6% and 38.2% retracements of the recent appreciating range from 2445.58 to 3341.47. Chartists observe some buying pressure emerged around the 2951 level, representing a test of the 23.6% retracement of the appreciating range from 1718.41 to 3341.47. Stops were recently elected above the 3235.10 and 3266.37 areas during the recent appreciation, upside price objectives related to buying pressure that emerged around the 1718.41 level in July.
Additional upside retracement levels and areas of potential technical resistance include the 3448.52, 3744.53, 3757.51, 3815.95, and 3857.25 areas. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2893.53, 2887.09, 2787.81, 2746.74, and 2721.46 areas. 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 below the 200-bar MA (hourly).
Price activity is nearest the 1-0-bar MA (4-hourly) at 3000.37 and the 50-bar MA (Hourly) at 3133.49.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3341.47/ 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 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.
