Ethereum (ETH/USD) weakened early in today’s North American session as the pair depreciated to the 1700 area after trading as high as the 1839 area during the European session, with the intraday high representing a fresh multi-year high. Traders lifted ETH/USD from the 1750.60 area during the Asian session, and chartists observe that today’s intraday low represents a test of the 76.4% retracement of the recent depreciating range from 1763.93 to 1493.28. Some Stops were elected below the 50-hour simple moving average today, and technical support emerged above the 100-hour simple moving average. Some traders are now focused on the psychologically-important 2000 level following the ongoing move higher that has recently seen Stops elected above upside price objectives including the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels. Some of those upside price objectives were technically significant on account of buying pressure that originated around the 148.08, 310.79, 439.77, and 123.72 areas. If ETH/USD is able to extend its upward gains, additional upside price objectives include the 1930.40, 1957.36, 2017.05, and 2080.48 levels.
Following the recent climb of ETH/USD to multi-year highs, traders are carefully watching potential areas of technical support including the 1607.29, 1473.08, 1364.62, 1256.15, 1221.94, and 1101.72 levels. If ETH/USD reverses recent gains and the psychologically-important 1000 figure cannot be held, technical traders will eye additional downside retracement areas including the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, and 895.33 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 1662.17 and the 50-bar MA (Hourly) at 1756.51.
Technical Support is expected around 1473.08/ 1364.62/ 1256.15 with Stops expected below.
Technical Resistance is expected around 1930.40/ 1957.36/ 2017.05 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.
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