Ethereum (ETH/USD) continued to orbit the psychologically-important 2000 figure early in the Asian session as the pair extended recent gains and encountered buying pressure around the 1948.68 area during yesterday’s North American session. The pair recently traded as low as the 1718.41 area, representing a test of the 38.2% retracement of the appreciating range from 1206.05 to 2041.42. Also, interday buying pressure was also seen around the 50% retracement of the appreciating range from 1865.50 to 2039.99.
If ETH/USD extends its recent weakness, downside areas of technical significance include the 1702.67, 1667.09, 1633.51, and 1545.77 levels. If ETH/USD is able to find a bid, upside areas of technical significance include 2068.23, 2149.16, 2249.31, and 2264.40. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 100-bar MA (4-hourly) at 2023.05 and the 50-bar MA (Hourly) at 1920.63.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.