Ethereum (ETH/USD) fell sharply early in the Asian session as the pair depreciated to the 4351.99 level after trading as high as the 4662.75 level during the North American session, with the interday high representing a test of the 38.2% retracement of the appreciating range from 4329.21 to 4867.81. Stops were elected below the 4521.90 and 4440.79 areas during the acute move lower, representing downside price objectives related to recent selling pressure around the 4784.50 and 4637.39 levels. BTC/USD tested the 4359.67 level during the depreciation, a related downside price objective, and another downside price objective include the 4259.30 level.
Another downside price objective related to similar selling pressure is the 4303.15 level. ETH/USD bulls continue to focus on upside price objectives including the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent volatility, downside price retracement levels and areas of potential technical support include the 3759, 3497, 3174, and 3125 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 4366.43 and the 200-bar MA (Hourly) at 4368.69.
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 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.
