Ethereum (ETH/USD) maintained some recent gains early in the Asian session as the pair recently notched about a 30.2% climb in August, pushing its 2021 year-to-date gains to approximately 340%. At the end of last month, ETH/USD blasted above the 3369.67 level, representing the 61.8% retracement of the depreciating range from the all-time high of 4384.43 to 1728. During that move, ETH/USD tested the 3448.52 level, an upside price objective related to buying pressure that emerged in July around the 1718.41 area following an acute sell-off.
Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 3010, 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3226.34 and the 50-bar MA (Hourly) at 3248.61.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3738.60/ 3857.25/ 4384.43 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below 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.
Credit: Source link