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ETH/USD Lifted Above 2370 Technical Support: Sally Ho's Technical Analysis 26 May 2021 ETH

ETH/USD Lifted Above 2370 Technical Support: Sally Ho's Technical Analysis 26 May 2021 ETH

Ethereum (ETH/USD) continued to recover early in the Asian session as the pair appreciated to the 2607.36 level after trading as low as the 2383.39 area during the North American session, with the interday low representing a test of the 38.2% retracement of the recent appreciating range from 1728 to 2768.   Additional downside retracement areas in this appreciating range include the 2248, 2125.28, 1973.44, and 1950.56 levels.   Traders observe the pair has recently encountered technical resistance around the 200-hour simple moving averageSelling pressure intensified from the 3567.40 area in recent trading sessions and Stops were elected below several downside price objectives and areas of potential technical support, including the 3485.38, 3212.13, 2938.87, 2725.38, 2600.77, 2549.82, 2451.84, 2334.65, 2178.29, 2054.25, 1987.71, 1944, 1912.06, and 1874.99 levels

Potential technical support levels during pullbacks include the 1783.89, 1755.41, 1730.47, 1456.03, 1371.71, 1317.79, 1229.48, and 1103.49 levels.  During the recent appreciation to an all-time high around the 4384.43 area, Stops were elected above the 3987.65, 4113.81, and 4136.61 areas, upside price objectives related to historic buying pressure that originated around the 90 figure.  Additional upside project objectives include the 4453.47, 4471.68, 4522.73, 4550.12, and 4609.38 levels.    Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 2678.42 and the 200-bar MA (Hourly) at 2681.84.

Technical Support is expected around 1860/ 1783.89/ 1755.41 with Stops expected below.

Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.

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