Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Ethereum (ETH/USD) continued to trade above the psychologically-important 2000 figure early in the Asian session as the pair ascended to the 2094.46 level during the European session before backing off to the 2041 level, a recent area of technical resistance. Some Stops were elected above the 2068.23 area, representing the 50% retracement of the recent depreciating range from 2411.19 to 1725.26. The pair recently traded as low as the 1718.41 area, representing a test of the 38.2% retracement of the appreciating range from 1206.05 to 2041.42. Also, interday buying pressure was also seen around the 50% retracement of the appreciating range from 1865.50 to 2039.99.Â
If ETH/USD extends its recent weakness, downside areas of technical significance include the 1702.67, 1667.09, 1633.51, and 1545.77 levels. If ETH/USD is able to find a bid, upside areas of technical significance include 2068.23, 2149.16, 2249.31, and 2264.40. 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 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 2040.12 and the 50-bar MA (Hourly) at 2002.17.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.