Ethereum (ETH/USD) was weaker early in today’s North American session as the pair depreciated to the 1937.59 area after trading as high as the 1975 area during the European session. Traders drove ETH/USD as low as the 1811.25 level during the Asian session, representing a test of the 23.6% retracement of the appreciating range from 1039.62 to 2041.42. Stops were elected below many retracement levels including 1912.06, 1895.69, 1859.67, 1850.68, 1844.27, and 1832.03. Late last week, ETH/USD peaked around the 2041.42 area, a fresh all-time high. Stops were recently elected above the 1930.40, 1957.36, and 2017.05 levels during the ascent, 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. Following the recent climb of ETH/USD to all-time highs, traders are carefully watching potential areas of technical support including the 1895.69, 1859.67, 1844.27, 1805.00, 1773.22, and 1722.31 levels. Additional areas of technical support include 1702.67, 1658.73, 1607.31, 1565.49, 1540.52, and 1493.28. 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 1865.52 and the 50-bar MA (Hourly) at 1966.20.
Technical Support is expected around 1859.67/ 1805.00/ 1722.31 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 Bearishly below 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.