“Ethereum (ETH/USD) continued to lose ground early in today’s Asian session as the pair extended selling pressure that saw it trade as low as the 2042.50 level during the North American session, representing a test of the 61.8% retracement of the historical appreciation from 90 to 5186.44. Traders pushed ETH/USD as high as the 2219.52 area during the European session, representing a test of the 76.4% retracement of the appreciating range from 1545.77 to 4384.43. Stops were recently elected below the 2339 and 2194.90 areas, representing the 50% and 38.2% retracements of the depreciating range from 2950 to 1728. Potential technical support levels during pullbacks include the 2005, 1979, 1783, and 1725 levels.
During the recent appreciation to an all-time high around the 4384.43 area, Stops were elected above the 3987.65, 4113.81, and 4136.61 areas, upside price objectives related to historic buying pressure that originated around the 90 figure. Areas of potential technical resistance include 2742, 3056, and 3369. 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 2381.31 and the 50-bar MA (Hourly) at 2209.91.
Technical Support is expected around 1860/ 1783.89/ 1755.41 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 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.”
Source: Crypto Daily™