Ethereum (ETH/USD) extended its very bullish performance early in the Asian session as the pair appreciated to the 4867.81 area after trading as low as the 4655 area during yesterday’s Asian session, with the intraday high representing a new lifetime high. The interday low represented a test of the 100-hour simple moving average, and also represented a test of the 38.2% retracement of the recent appreciating range from 4329.21 to 4824.54. Stops were recently elected above the 4633.03 area during the upward range expansion, a previous upside price objective related to buying pressure around the 3643 area.
Stops were recently elected above the 4633.03 area during the upward range expansion, a previous upside price objective related to buying pressure around the 3643 area in October. Additional upside price objectives include the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 4617, 4478, 4365, 4253, 4114, and 4093 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 4606.48 and the 50-bar MA (Hourly) at 4772.48.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.