Ethereum (ETH/USD) remained volatile early in the Asian session as the pair continued to back away from recent gains notched above the 4300 level following technical buying that emerged around the 4091.31 area, representing a test of a downside price objective related to selling pressure that strengthened around the 4170.35 area. Stops were elected below some downside price objectives during the pair’s sell-off, including the 4078, 4046, and 4033 levels. Additional downside price objectives include the 4008, 3976, 3966, 3906, 3895, 3839, 3819, 3793, 3713, 3679, 3557, and 3304 levels.
Many Stops were recently elected above a series of upside price objectives during the acute move higher including the 4058, 4097, 4151, 4165, 4174, 4190, 4318, 4330, and 4335 levels. Additional upside price objectives include the 4490, 4504, 4523, 4793, and 4893 levels. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3748, 3688, 3515, 3375, 3360, 3235, 3082, 3046, 2733, 2345, and 2286 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 100-bar MA (4-hourly) at 3880.89 and the 200-bar MA (Hourly) at 4065.69.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4384.43/ 4518.94/ 4633.03 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.
