Ethereum (ETH/USD) extended its rebound early in the Asian session as the pair appreciated to the 3007.97 level after trading as low as the 2831.07 area during the European session, with the interday high representing a test of the 23.6% retracement of the depreciating range from 3675.92 to 2805.10. Traders recently drove ETH/USD as low as the 2651 area, a multi-week low. Stops were recently elected below the 3201, 3164, 3054, 3044, and 2895 levels earlier this week, downside price objectives related to selling pressure that emerged around the 3675.92, 3543, and 3457.22 levels. Additional downside price objectives include the 2653.96, 2634.17, and 2312.37 levels.
Following the recent selling pressure, upside retracement levels and areas of potential technical resistance include 3083, 3255, 3394, 3534, 3706, and 3732. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3315.57 and the 50-bar MA (Hourly) at 2958.74.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 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 Bullishly above 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.
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