Ethereum (ETH/USD) remained pressured early in the Asian session as the pair continued to trade below the 3500 level following the recent sharp depreciation to the 3009 level. The pair’s acute move lower accelerated when Stops were elected below the 3807 area, a downside price objective related to selling pressure that emerged around the 4030.35 and 3982.64 levels. Additional Stops were then elected below additional downside price objectives including the 3717, 3644, 3582, 3463, 3149, and 3065 levels.
ETH/USD has orbited the 3463.62 level since the sharp sell-off, a downside price objective that became technically significant following selling pressure that emerged around the 3971.34 and 3777.39 areas. Traders are carefully monitoring potential technical support around the 2711.73 area. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 3481.77 and the 50-bar MA (Hourly) at 3661.78.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.