Ethereum (ETH/USD) fell sharply early in the Asian session as the pair depreciated to the 1578.28 level after trading as high as the 1740.91 level during the North American session, with the interday high representing a test of the 61.8% retracement of the depreciating range from 1976.72 to 1356. Chartists observe that bids finally slowed the descent around the 38.2% retracement of the depreciating range from 2041.42 to 1292.76. Some areas of additional potential technical support during pullbacks include 1403.13, 1205.96, and 1008.79, with stronger technical support likely in place around 1296.30 and 1066.14.
Traders have lifted ETH/USD more than 120% year-to-date, pushing the pair as high as the 2041.42 level, a fresh all-time high. If ETH/USD extends its upward strength, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels. Stops were also 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. Traders are observing that the 50-bar MA (4-hourly) is bearishly 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 200-bar MA (hourly) and below the 100-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 1706.44 and the 50-bar MA (Hourly) at 1690.76.
Technical Support is expected around 1285.87/ 1205.96/ 1128.29 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 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.