Published
3 years ago on
February 24, 2021
Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair appreciated to the 1636.68 area after trading as low as the 1356 area during the European session, with the interday low representing a test of the 61.8% retracement of the appreciating range from 1108.68 to 1763.93. Stops were elected above various retracement levels during the recovery higher, including the 1633.50 area that represents the 61.8% retracement of the depreciating range from 1805.03 to 1356. Stops were elected below many downside retracement levels during the depreciation earlier this week, including 1773.22, 1747.24, 1722.31, 1702.67, 1656.37, 1607.31, 1585.49, and 1540.52. If ETH/USD extends its recent depreciation, potential technical support includes 1328.99, 1285.87, and 1205.96.
Stops were recently elected above the 1930.40, 1957.36, and 2017.05 levels during the appreciation, areas related to historical buying pressure around the 215.16, 370.50, and 176.43 areas. Stops were also recently elected above upside price objectives including the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels, upside price objectives were technically significant on account of buying pressure that originated around the 148.08, 310.79, 439.77, and 123.72 areas. If ETH/USD is able to extend its upward gains, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 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 200-bar MA (4-hourly) at 1607.03 and the 50-bar MA (Hourly) at 1669.57.
Technical Support is expected around 1328.99/ 1285.87/ 1205.96 with Stops expected below.
Technical Resistance is expected around 2080.48/ 2134.98/ 2150.66 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.
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