Ethereum (ETH/USD) experienced additional weakness early in today’s Asian session as the pair continued to struggle following its recent sell-off below the psychologically-important 2000 figure. Traders have been reducing long exposure on account of the ongoing negative technical sentiment that recently saw the pair print below the 1725 area. Stops were also recently elected below the 1868.97 area during the depreciation, a downside price objective related to selling pressure that emerged around the 4177.77 area and intensified around the 3531.06 area. Additional Stops were recently elected below the 1789.02 area, a downside price objective related to selling pressure that emerged around the 2640 area.
Negative sentiment has traders focusing on additional downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels. During rebounds higher, potential areas of technical resistance include the 1989, 2024, 2104, 2128, 2245, 2275, 2310, and 2360 levels. 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 2012.68 and the 50-bar MA (Hourly) at 1859.27.
Technical Support is expected around 1700/ 1633.51/ 1456.03 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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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