Ethereum Bulls to reach 1912, Analysis by Sally Ho
The newly emerging buying force around 1545, Ethereum (ETH/USD), the 50 percent retracing the recent appreciation range of 1039.62 to 2041.42, continues to seek its recovery. Over 1805, 1832.03, 1844.27, 1859.67, 1864.74, 1881.21 and 1912.06 are potential technical resistance to which traders are monitoring. Some areas of potential technical support in pullbacking below current market levels include 1403.13, 1205.96 and 1008.79, where there is likely to be stronger technical support around 1296.30 and 1066.13.
Traders have now elevated ETH/USD more than 100% a year, bringing the pair to a new all-time high, as high as 2041.42. If ETH/USD expands upward, the 2080.48, 2134.98, 2150.66, and 2210.42 levels will add upward price targets. During appreciation, also the areas of history relating to buying pressure between 215.16, 370.50, and 176.43 were recently elected above the 1930.40, 1957.36, and 2017.05 levels. Traders note that the 50- bar MA is below the 100-bar MA (4 hours) and above the 200-bar MA (4 hours) (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
The pricing activity is close at 1704.23 with 50-bar (4-hour) and at 1692.38 with 50-bar (Hourly).
Around 1285.87/1205.96/1128.29, with below expected stops, technical support is expected.
Around 2080.48/ 2134.98/ 2150.66, technical strength is expected with the above-mentioned stops.
SlowK is below SlowD on 4-hour chart, where MACD is above MACDAverage in bullishly form.
SlowK is below SlowD in the 60-minute chart, while MACD is below MACDAverage.
