Ethereum (ETH/USD) extended its recent pullback early in the Asian session as the pair depreciated to the 3404.24 level after trading as high as the 3585.65 level during the European session, with the interday high representing a test of the 61.8% retracement of the appreciating range from 3341.16 to 3984.82. Stops were elected below the 3517, 3480, 3424, and 3427 levels during the pullback, representing the 50%, 61.8%, 76.4%, and 78.6% retracements of the recent appreciating range from 3359.96 to 3675.92. ETH/USD was bearishly unable to sustain a recent move above the 3640.19 level, representing the 61.8% retracement of the depreciating range from 4030.35 to 3009.
Additional upside retracement levels and areas of potential technical resistance include the 3789 and 3811 levels. Following the ongoing recent gains, downside retracement levels and areas of potential technical support include 3356, 3309, 3262, 3204, and 3195. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3397.90 and the 100-bar MA (Hourly) at 3448.68.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3994.97/ 4384.43/ 4518.94 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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