Ethereum (ETH/USD) paused early in the Asian session as the pair attempted to resume its upward progress above the 3600 level after trading as low as the 3525.97 area during yesterday’s Asian session, representing a test of the 38.2% retracement of the appreciating range from 3359.96 to 3621.84. Traders lifted ETH/USD to the 3644.75 area during the North American session, a move higher that represented a test of the 23.6% retracement of the recent appreciating range from 3525.97 to 3675.92. Stops were recently elected above the 3662.99 area, a level that represents the 50% retracement of the appreciating range from 3341.16 to 3984.82.
Additional upside retracement levels and areas of potential technical resistance include the 3789 and 3811 levels. Following the ongoing recent gains, downside retracement levels and areas of potential technical support include 3414, 3356, 3309, 3262, 3204, and 3195. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 3565.09 and the 50-bar MA (Hourly) at 3475.08.
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 Bullishly above 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.