Ethereum (ETH/USD) maintained some recent gains early in the Asian session as the pair recently notched about a 30.2% climb in August, pushing its 2021 year-to-date gains to approximately 340%. At the end of last month, ETH/USD blasted above the 3369.67 level, representing the 61.8% retracement of the depreciating range from the all-time high of 4384.43 to 1728. During that move, ETH/USD tested the 3448.52 level, an upside price objective related to buying pressure that emerged in July around the 1718.41 area following an acute sell-off.
Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3010, 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3226.34 and the 50-bar MA (Hourly) at 3248.61.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3738.60/ 3857.25/ 4384.43 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above 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.
