Ethereum (ETH/USD) remained on the defensive early in the Asian session as the pair remained offered below the psychologically-important 2000 figure following recent selling pressure around key areas of technical resistance including the 2024.97 and 1994.40 areas. Traders are paying close attention to how ETH/USD trades around the 1865.88 area, representing the 78.6% retracement of the appreciating range from 1717.41 to 2411.19. Another range that has had a recent impact on ETH/USD is the depreciation from 2039.99 to 1847, with the pair having recently encountered selling pressure below the 76.4% and 50% retracements. Technicians observe ETH/USD has also encountered technical resistance below the 50-bar, 4-hour simple moving average and the 200-hour simple moving average.
Traders will continue to monitor price activity around the 2005.05 and 2024.97 levels, recent downside price objectives related to selling pressure that commenced around the 4384.43 level. Stops were recently elected below the 2064.30, 2024.97, 2005.05, 1989.85, 1982.43, 1881.14, 1871.81, and 1868.97 areas during the recent move lower. If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. 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 1976.64 and the 50-bar MA (Hourly) at 1911.43.
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 Bearishly below SlowD while MACD is Bullishly above 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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