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ETH/USD Supported by Technical Bids at 2766: Sally Ho's Technical Analysis 28 May 2021 ETH

ETH/USD Supported by Technical Bids at 2766:  Sally Ho's Technical Analysis 28 May 2021 ETH

Ethereum (ETH/USD) came off slightly early in the Asian session as the pair depreciated to the 2792 level after trading as high as the 2884 area during the North American session, with the interday low representing a test of the 61.8% retracement of the recent depreciating range from 2893.96 to 2639.32.  Traders note the intraday low also represented a test of the 38.2% retracement of the appreciating range from 2639.32 to 2884Stops were elected above the 2833.86 and 2839.47 levels during the climb, representing the 76.4% and 78.6% retracements of the recent depreciating range from 2893.96 to 2639.22Selling pressure intensified from the 3567.40 area recently 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 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 2540.55 and the 50-bar MA (Hourly) at 2751.44.

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 Bullishly above SlowD while MACD is Bullishly above 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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