Ethereum (ETH/USD) worked to sustain recent gains early in the Asian session as the pair continued to trade above the 3700 figure after recently trading as high as the 3968.49 area, representing a test of an upside price objective around the 3964 area. During a subsequent quick sell-off, ETH/USD traded as low as the 3643 area, representing a test of a previous upside price objective related to buying pressure around the 3269 area. ETH/USD then recovered to the 3896 area, representing a test of the 78.6% retracement of the depreciating range from 3968.49 to 3643.
Additional upside price objectives include the 4058, 4097, 4190, 4318, 4330, 4490, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3688, 3515, 3375, 3235, 3082, and 3035 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 3673.13 and the 50-bar MA (Hourly) at 3856.35.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 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 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.
