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ETH/USD at New All-Time High Above 3600: Sally Ho’s Technical Analysis 7 May 2021 ETH

1 Mins read

Ethereum (ETH/USD) improved early in the Asian session as the pair appreciated to the 3610.91 level after trading as low as the 3381.11 area during the European session, with the interday high representing a new lifetime high. Traders pushed ETH/USD lower to test the 100-hour simple moving average during the European session before moving to a new all-time high. Stops were elected above the 3543.39 level during the ascent, an upside price objective related to buying pressure that emerged around the historic 90 level. Stops were also recently elected above several upside price objectives during ETH/USD’s sharp rise, including the 3067.80, 3164.19, 3174.26, 3181.61, and 3239.60 levels. Stops were earlier elected above the 2865.42, 2677.40, and 2585.62 areas.

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Additional upside price objectives include the 3902.15, 4113.61, and 4136.61 areas levels. During a recent pullback, Stops were also recently elected below the 2311.47, 2251.76, 2165.15, 2068.50, and 2046.89 levels. Potential technical support levels during pullbacks include the 3123.54, 3063.83, 2822.03, and 2725.38 areas. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 3063.99 and the 50-bar MA (Hourly) at 3410.52.

Technical Support is expected around 2624.00/ 2515.12/ 2427.13 with Stops expected below.

Technical Resistance is expected around 3902.15/ 3987.65/ 4113.61 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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