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ETH/USD Finds Technical Support at 3934 After Pullback: Sally Ho’s Technical Analysis 13 May 2021 ETH

1 Mins read

Ethereum (ETH/USD) weakened early in the Asian session as the pair depreciated to the 3938 level after trading as high as the 4384.43 area during the North American session, with the interday high representing a fresh lifetime high. Stops were elected above the 4136.61 area during the climb, an upside price objective related to historic buying pressure that emerged around the 90.00 level. Stops were elected below the 4212.52, 4106.17, and 4020.22 levels during the pullback, representing the 23.6%, 38.2%, and 50% retracements of the recent appreciating range from 3656 to 4384.43. Technical support emerged around the 3934.26 area, representing the 61.8% retracement of the appreciating range. Stops were recently elected above the 3987.65, 4113.81, and 4136.61 areas during the move to a new all-time high, upside price objectives related to historic buying pressure that originated around the 90 figure.

cryptodaily.co.uk

Additional upside project objectives include the 4453.47, 4471.68, 4522.73, 4550.12, and 4609.38 levels. 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, 3239.60, 3544.77, 3644.05, 3847.64, and 3902.15 levels. Potential technical support levels during pullbacks include the 3692.83, 3513.12, 3185.46, and 3088.81 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 3740.61 and the 100-bar MA (Hourly) at 4025.26.

Technical Support is expected around 3692.83/ 3513.12/ 3185.46 with Stops expected below.

Technical Resistance is expected around 4384.43/ 4453.47/ 4522.73 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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