Ethereum (ETH/USD) extended its recent pullback early in today’s North American session as the pair depreciated to the 1224.01 area after trading as high as the 1375.91 area during the Asian session, a test of the 50% retracement of the depreciating range from 1477.30 to 1245.00 and the 50-hour simple moving average. Stops were elected below the 1239.81 area during the North American session, representing the 50% retracement of the depreciating range from 1440 to 1039.62. The next downside retracement levels in this depreciating range include 1192.57 and 1134.11. Another range that traders are carefully monitoring is the appreciating range from 1039.62 to 1477.30, with the next downside retracement levels in this appreciating range around the 1206.81, 1142.91, and 1133.28 areas. ETH/USD this week traded at a fresh multi-year high around the 1477.30 level after Stops were elected above many significant upside price objectives, including the 1351.18, 1381.03, 1412.74, 1427.89, 1439.98, and 1447.83 areas. These levels are technically significant as they directly related to buying pressure that emerged around levels including the 370.50, 176.43, 148.08, 439.77, 123.72, and 310.79 areas. If ETH/USD is able to extend its recent comeback further, some areas of potential technical resistance include the 1477.71, 1582.86, and 1665.31 areas. Some Stops were recently elected above the 1256.15, 1307.31, and 1315.02 areas, upside retracement levels related to the recent depreciating range from 1390 to 1039.62.
During ETH/USD’s recent move higher to multi-year highs, Stops were recently elected above the 1072.78, 1133.44, 1163.93, 1176.28, 1225.30, and 1230.73 areas, and selling pressure intensified below these areas during the pullback. Notably, these levels represented technically significant upside price objectives related to historical buying pressure around the 215.16, 625.01, 370.50, 480.08, 530.32, and 310.79 areas. If ETH/USD reverses recent gains and the psychologically-important 1000 figure cannot be held, technical traders will eye additional downside retracement areas including the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, 895.33, 869.22, 860.69, 856.83, 844.44, 831.94, 828.97, 812.73, 783.02, 770.03, 763.66, 750.28, 745.01, and 723.97 areas. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 1234.03 and the 200-bar MA (Hourly) at 1303.68.
Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.
Technical Resistance is expected around 1477.30/ 1582.86/ 1606.62 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.
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