Ethereum (ETH/USD) weakened sharply early in the Asian session as the pair depreciated to the 2911.81 level after trading as high as the 3218.60 level during the European session, with the interday high representing a test of the 50% retracement of the depreciating range from 3287.73 to 3153.75. Traders observe ETH/USD recently encountered selling pressure around the 3376 area, a retracement level representing the 38.2% retracement of the depreciating range from 3971.34 to 3009. Significant Stops were elected below the 3236.11 area, representing the 23.6% retracement of the same depreciating range.
ETH/USD was also bearishly unable to sustain a recent move above the 3640.19 level, representing the 61.8% retracement of the depreciating range from 4030.35 to 3009. Following the ongoing recent losses, upside retracement levels and areas of potential technical resistance include 3165, 3321, 3448, 3574, 3731, and 3755. 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 3398.86 and the 50-bar MA (Hourly) at 3326.67.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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