Ethereum (ETH/USD) weakened further early in the Asian session as the pair depreciated to the 1930 level after trading as high as the 2109.90 area during the European session, with the interday high representing a test of the 78.6% retracement of the depreciating range from 2145 to 1980. Selling pressure intensified during the North American session when ETH/USD tested the 200-hour simple moving average. Stops were recently elected above the 2081.97, 2106.06, and 2109.69 areas during the ascent, representing the 61.8%, 76.4%, and 78.6% retracements of the depreciating range from 2145 to 1990. Notably, the all-time high of 2145 represented a test of the 2150.66 area, an upside price objective related to buying pressure around the 310.79 area. If ETH/USD extends its upward strength, additional upside price objectives include the 2210.42 and 2460.24 levels.
Below current market levels, some areas of potential technical support during pullbacks include 1932.59, 1906.64, 1859.89, 1822.11, 1764.32, 1737.57, and 1730.52. Beyond those levels, additional areas of technical support include 1403.13, 1296.30, and 1205.96. 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 200-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 2010.79 and the 200-bar MA (Hourly) at 2010.81.
Technical Support is expected around 1285.87/ 1205.96/ 1128.29 with Stops expected below.
Technical Resistance is expected around 2150.66/ 2210.42/ 2460.24 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.