Ethereum (ETH/USD) gained ground early in the Asian session as the pair appreciated to the 2163.18 level after trading as low as the 2112.58 area during the European session, with the interday low representing a test of the 78.6% retracement of the depreciating range from 2145 to 1980, and also the 50-hour simple moving average. Chartists note the intraday high also represented a test of the 76.4% retracement of the depreciating range from 2195 to 2081.01. Stops were recently elected above the 2098.84 and 2103.71 levels during the push higher. If ETH/USD extends its upward strength, additional upside price objectives include the 2210.42 and 2460.24 levels.
Below current market levels, some areas of potential technical support during pullbacks include 1982.07, 1850.34, 1734.88, and 1637.42. Beyond those levels, additional areas of technical support include 1403.13, 1296.30, and 1205.96. 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 2073.62 and the 50-bar MA (Hourly) at 2103.46.
Technical Support is expected around 1285.87/ 1205.96/ 1128.29 with Stops expected below.
Technical Resistance is expected around 2195.00/ 2210.42/ 2460.24 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 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.