Ethereum (ETH/USD) gave back some recent gains early in the Asian session as the pair depreciated to the 3221.57 level after recently trading as high as the 3360 level during the European session, with the interday high representing a test of the 61.8% retracement of the depreciating range from 4384.43 to 1728. Traders observe ETH/USD was later pressured around the 78.6% retracement of the short-term depreciation from 3378.60 to 3280. The pair’s depreciation slowed around the 61.8% retracement of the recent appreciating range from 3128.82 to 3378.60 during the North American session.
If additional upside pressure emerges, upside retracement levels and areas of potential technical resistance include the 3448.52, 3757.51, 3815.95, 3857.25, and 4384.43 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 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 3198.41 and the 200-bar MA (Hourly) at 3201.10.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3448.52/ 3788.66/ 4384.43 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.
