Ethereum (ETH/USD) was volatile early in the Asian session as the pair appreciated to the 3229.16 level after trading as low as the 3111.14 level during the North American session, with the interday low just below the 23.6% retracement of the depreciating range from 3378.60 to 3050. Before driving ETH/USD lower to multi-day lows, traders quickly lifted ETH/USD as high as the 3388.20 level, representing the 78.6% retracement of the depreciating range from 3448.57 to 3166.45. Traders observe the intraday low of 3111.14 represented a test of the 78.6% retracement of the appreciating range from 3009 to 3583.48.
Following the recent sell-off over the past several days, upside retracement levels and areas of potential technical resistance include 3399, 3519, 3640, 3789, and 3811. Traders are carefully monitoring potential technical support around the 2711.73 area. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 200-bar MA (4-hourly) at 3360.12 and the 50-bar MA (Hourly) at 3315.38.
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 Bullishly above 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.
