Ethereum (ETH/USD) was on the defensive early in the Asian session as the pair continued to weaken below the 4700 level after peaking around the 4770 area, with the interday high representing a test of the 76.4% retracement of the depreciating range from 4867.81 to 4460. Additional downside retracement levels in this range include the 4615 and 4556 levels. Bids emerged around the 4637.95 level during the North American session, representing a test of the 23.6% retracement of the appreciating range from 3889.05 to 4867.81.
ETH/USD bulls are eyeing upside price objectives including the 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 4344, 4253, 4114, 4093, and 4020 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 4692.17 and the 50-bar MA (Hourly) at 4647.01.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 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 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.
