ETH/USD Nearing Test of 3610 Lifetime High: Sally Ho’s Technical Analysis 8 May 2021 ETH

Ethereum (ETH/USD) improved early in the Asian session as the pair appreciated to the 3568.55 level after trading as low as the 3401 area during the European session, with the interday high representing a test of the recently established lifetime high of 3610.91.  Chartists observe that buying pressure emerged around the 100-hour simple moving average during yesterday’s Asian session, and the pair closely orbited the 50-hour simple moving average thereafter.  Stops were elected above the 3543.39 level during the ascent, an upside price objective related to buying pressure that emerged around the historic 90 level.  Stops were also recently elected above several upside price objectives during ETH/USD’s sharp rise, including the 3067.80, 3164.19, 3174.26, 3181.61, and 3239.60 levels.  Stops were earlier elected above the 2865.42, 2677.40, and 2585.62 areas.

Additional upside price objectives include the 3902.15, 4113.61, and 4136.61 areas levels.  During a recent pullback, Stops were also recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels.  Potential technical support levels during pullbacks include the 3123.54, 3063.83, 2822.03, and 2725.38 areas.  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 3135.47 and the 50-bar MA (Hourly) at 3460.07.

Technical Support is expected around 2624.00/ 2515.12/ 2427.13 with Stops expected below.

Technical Resistance is expected around 3902.15/ 3987.65/ 4113.61 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.


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.

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