ETH/USD Tests Important Support at 3056: Sally Ho's Technical Analysis 27 August 2021 ETH
Ethereum (ETH/USD) remained on the defensive early in the Asian session as the pair depreciated to the 3077.34 after trading as high as the 3251.05 level during yesterday’s Asian session, with the interday high representing a test of the 100-hour simple moving average. Traders drove ETH/USD as low as the 3056 area during the North American session, representing a test of the depreciating range from 4384.43 to 1728. Some additional downside price levels that may be challenged in the short-term include the 3010, 2966, 2877, 2787, 2742, 2728, and 2705 levels.
If additional upside pressure emerges, upside retracement levels and areas of potential technical resistance include the 3448.52, 3757.51, 3815.95, 3857.25, and 4384.43 levels. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include the 2966.89, 2728.51, 2490.12, 2195.17, and 2150.73 levels. 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 3193.27 and the 50-bar MA (Hourly) at 3167.95.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3448.52/ 3788.66/ 4384.43 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.
Text source: Crypto Daily™
