Ethereum (ETH/USD) sought fresh market direction early in today’s Asian session as traders attempted to add long exposure following the recent break above the 2170 level, representing the 50% retracement of the recent depreciating range from 2640 to 1700. Bids recently lifted ETH/USD from the 1717.41 area and Stops were elected above the 1868.97 area, a level that was a recent downside price objective related to selling pressure that emerged around the 4177.77 area. Traders have been paying close attention to other areas that recently served as technical resistance including the 2310, 2360, 2459, 2500, and 2618 levels.
Stops were recently elected below the 1868.97 and 1789.02 areas during the depreciation, downside price objectives related to selling pressure that emerged around the 4177.77, 3531.06, and 2640 levels. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 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 100-bar MA (4-hourly) at 2118.45 and the 100-bar MA (Hourly) at 2093.72.
Technical Support is expected around 1700/ 1633.51/ 1456.03 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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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