Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 1819 area after trading as low as the 1707.09 area during the Asian session, with the intraday low representing a test of the 38.2% retracement of the appreciating range from 1493.28 to 1839. Buying pressure also emerged around the 1759.50 area, the 50% retracement of the recent depreciating range from 1839 to 1680. Stops were elected above the 1804.97 area during the ascent, representing the 78.6% retracement of the same depreciating range. Many 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 1690.42 and the 50-bar MA (Hourly) at 1762.94.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.