Ethereum (ETH/USD) added to its recent recovery early in the Asian session as the pair traded back above the 4400 level after trading as low as the 4336.55 level during the European session. Traders have kept ETH/USD bid above the 4311.04 area for several trading sessions, representing the 23.6% retracement of the appreciating range from 3913 to 4433.99. Stops were elected below a range of downside price objectives during the recent decline, including the 4521, 4440, 4391, 4303, 4255, 4205, 4159, 4097, 3935, and 3710 levels. Buying pressure finally stopped the acute selling pressure just above the 3570.64 area, a downside price objective related to selling pressure that emerged around the 4767.44 level.
If ETH/USD extends its recent weakness lower, additional downside price objectives include the 3570, 3484, 3288, 3207, 2938, 2758, and 2373 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 4486.02 and 4512.26 areas. 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 4409.06 and the 200-bar MA (Hourly) at 4368.88.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4486.02/ 4637.39/ 4662.75 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 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.
