Ethereum (ETH/USD) gave back recent gains early in the Asian session as the pair depreciated to the 3017.09 level after recently trading as high as the 3275, a level that represented a test of the 23.6% retracement of the appreciating range from 1718.41 to 3744.53. Stops were elected below the 3118.18 and 3056.22 levels during the pullback, representing the 50% retracement of the appreciating range from 1718.41 to 4517.94, and the 50% retracement of the depreciating range from 4384.43 to 1728. The recent move higher represented the pair’s strongest print since mid-May when ETH/USD sharply sold off from the 4384.43 area.
Traders observe that the appreciation to multi-week highs also represented a test of the 3266.37 area, an upside price objective related to buying pressure that recently emerged around the 2152 area. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2877.16, 2655.72, 2476.76, 2297.79, and 2076.35 levels. 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 2994.46 and the 200-bar MA (Hourly) at 2988.46.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3266.37/ 3420.10/ 3788.66 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.
Investment DisclaimerCrypto Price Analysis 12-6 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, LITECOIN: LTC, CARDANO: ADA, ARBITRUM: ARB, ALGORAND: ALGO
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