Ethereum (ETH/USD) pulled back early in today’s North American session as the pair depreciated to the 1250.00 area after trading as high as the 1424.98 area during the Asian session, with the intraday high reached after testing the 1439.98 level, an upside price objective related to buying pressure around the 123.72 area. Chartists note that the intraday low represented a test of a previous upside price objective around the 1230.73 level, a technical area related to buying pressure around the 310.79 area. Chartists also note the 50-hour simple moving average provided technical resistance during the European and North American sessions. Chartists anticipated the recent move higher given the technical strength exhibited around the 1175 – 1180 area over recent days, and will pay close attention to this area during a further pullback. A recent relative low represented a test of the 50% retracement of the recent appreciating range from 1065 to 1294, and the 38.2% retracement of the broader appreciating range from 980 to 1294. Likewise, it also represented a test of the 61.8% retracement of the broader depreciating range from 1350.88 to 905.00, evidencing the technical significance of this area to chartists. 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. 745.01, and 723.97 areas. 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.
If ETH/USD weakens and returns to its pullback lower, additional downside retracement areas and additional levels of potential technical support include 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. 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. Strong Stops were also recently elected above the 819.23, 877.81, and 879.23 levels during the sharp climb, upside price objectives also related to previous buying activity around the 625.01 and 530.32 areas, and traders are curious to see how price activity reacts around these levels. 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 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 1193.02 and the 50-bar MA (Hourly) at 1325.37.
Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.
Technical Resistance is expected around 1447.83/ 1477.71/ 1582.86 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.