Ethereum (ETH/USD) added to recent gains early in the Asian session as the pair finished the month of October with a monthly gain of 45.2%, and extended its year-to-date gain to approximately 492.6%. Stops were elected above the 4376.02 level during ETH/USD’s move higher, representing the 50% retracement of the depreciating range from 4461.96 to 4236.99. Additional upside retracement levels in this depreciating range include the 4408.87 and 4413.82 areas. Stops were recently elected above a series of upside price objectives, including the 4318, 4330, and 4335 levels, propelling ETH/USD to its new all-time high. Trader are paying close attention to upside demand around the 4243.11 level, representing the 38.2% retracement of the recent appreciating range from 3889.05 to 4461.96.
Additional upside price objectives include the 4491.60, 4504.01, 4523.05, 4633.03, 4793.70, 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 4025, 3818, 3762, 3550, 3428, 3338, 3113, 3075, and 3035 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 4174.49 and the 50-bar MA (Hourly) at 4349.85.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4518.94/ 4633.03/ 4793.70 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 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.