Ethereum (ETH/USD) remained weak early in the Asian session as the pair depreciated to the 4498.90 level after trading as high as the 4606.03 level during the European session, with the interday high representing a test of the recent depreciating range from 4767.44 to 4455.21. The interday low also represented a test of the 38.2% retracement of the appreciating range from 3950 to 4784.50. Additional retracement levels in this depreciating range include 4367.25, 4268.78, 4146.94, and 4128.58.
Traders are closely monitoring the 4771.57 and 4780.54 levels, representing the 76.4% and 78.6% retracements of the depreciating range from 4867.81 to 4460. ETH/USD bulls continue to focus on upside price objectives including the 4895.12, 5035.94, 5060.87, and 5268.46 areas. Following the recent volatility, downside price retracement levels and areas of potential technical support include the 3759, 3497, 3174, and 3125 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 4430.44 and the 100-bar MA (Hourly) at 4478.92.
Technical Support is expected around 3515.25/ 3375.24/ 3235.23 with Stops expected below.
Technical Resistance is expected around 4895.12/ 5035.94/ 5060.87 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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