Ethereum (ETH/USD) showed upward momentum early in the Asian session as the pair remained within striking distance of establishing another all-time high after buying pressure emerged around the 4265.37 level, representing a test of the 50% retracement of the appreciating range from 4151 to 4380.66. Upside technical resistance is expected around the 4385 and 4395 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 4461.96 to 4151. If ETH/USD regains a bid, some additional upside retracement levels include the 4408.87 and 4413.82 areas.
Additional upside price objectives include the 4491.60, 4504.01, 4523.05, 4633.03, 4793.70, 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 4025, 3818, 3762, 3550, 3428, 3338, 3113, 3075, 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 4236.23 and the 100-bar MA (Hourly) at 4320.93.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4518.94/ 4633.03/ 4793.70 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 Bullishly above 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.
