Ethereum (ETH/USD) gained marginal ground early in the Asian session as the pair appreciated to the 3369.23 level after trading as low as the 3273.30 level during yesterday’s Asian session, with the interday low just below the 23.6% retracement of the appreciating range from 3111.14 to 3338.98. The pair was confined to a relatively tight range that is indicative of traders awaiting fresh market sentiment before assuming significant market risk. BTC/USD bulls stopped short of testing a recent relative high around the 3389 area. Traders observe the recent low of 3111.14 represented a test of the 78.6% retracement of the appreciating range from 3009 to 3583.48.

Following the recent sell-off over the past several days, upside retracement levels and areas of potential technical resistance include 3399, 3519, 3640, 3789, and 3811. Traders are carefully monitoring potential technical support around the 2711.73 area. 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 bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 3362.91 and the 50-bar MA (Hourly) at 3306.05.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Leave a Reply

You may also like