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ETH/USD Moderates After New 3534.50 Lifetime High: Sally Ho’s Technical Analysis 6 May 2021 ETH

1 Mins read

Ethereum (ETH/USD) gained ground early in the Asian session as the pair appreciated to the 3492.46 level after trading as low as the 3226.18 area during the European session, with the interday high just below the recent all-time high of 3534.50. Chartists observe the intraday high was also right around an upside price objective related to recent buying pressure around the 3226.18 and 3280 areas. Stops were 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.

Source: cryptodaily.co.uk

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 3038.86, 2935.01, 2824.11, and 2698.63 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 2974.99 and the 50-bar MA (Hourly) at 3353.96.

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

Technical Resistance is expected around 3543.39/ 3902.15/ 4113.61 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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