Ethereum (ETH/USD) extended its trading activity above the 1100 figure in today’s North American session as the pair continues to push towards a fresh multi-year high above the 1350.88 level. Trading activity late last week saw traders flush out some weaker longs when ETH/USD receded to the 1065.00 area, a test of the 1061.23 level that represents the 38.2% retracement of a recent historical appreciating range from 688 to 1291.94. If ETH/USD reverses some recent gains and depreciates below recent lows, traders will focus on potential technical support between the 908.32 and 1053.31 levels. If ETH/USD is able to extend its recent comeback further, some immediate area of potential technical resistance include the 1381.03, 1439.98, 1582.86, and 1665.31 areas. If ETH/USD weakens and returns to its pullback lower, additional downside retracement areas and additional levels of potential technical support include the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, 895.33, 869.22, 860.69, 856.83, 844.44, 831.94, 828.97, 812.73, 783.02, 770.03, 763.66, 750.28, 745.01, and 723.97 areas.
During ETH/USD’s recent move higher to multi-year highs, Stops were recently elected above the 1072.78, 1133.44, 1163.93, 1176.28, 1225.30, and 1230.73 areas, and selling pressure intensified below these areas during the pullback. Notably, these levels represented technically significant upside price objectives related to historical buying pressure around the 215.16, 625.01, 370.50, 480.08, 530.32, and 310.79 areas. Strong Stops were also recently elected above the 819.23, 877.81, and 879.23 levels during the sharp climb, upside price objectives also related to previous buying activity around the 625.01 and 530.32 areas, and traders are curious to see how price activity reacts around these 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 50-bar MA (4-hourly) at 1166.83 and the 50-bar MA (Hourly) at 1199.62.
Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.
Technical Resistance is expected around 1381.04/ 1419.96/ 1439.98 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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.