ETH/USD LONG SET UP TO NEW ALL TIME HIGH

22 oct 2021

Ethereum (ETH/USD) expanded its recent upside range early in the Asian session as the pair exhibited improving technical sentiment following the break of a recent relative high around the 4030.35 level. Stops were elected above some upside price objectives during the climb higher including the 4003.24 and 4151.87 areas, levels related to buying pressure that recently emerged around the 3373.45 level. Additional upside price objectives include the 4318, 4335, 4490, 4504, 4523, 4793, and 4893 levels.

Following the recent appreciation, downside price retracement levels and areas of potential technical support include the 3688, 3515, 3375, 3235, 3082, and 3035 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 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 3794.86 and the 50-bar MA (Hourly) at 3908.54.
  
  Technical Support is expected around 4000/ 3800/ 3700/ 3515.25/ 3375.24/ 3235.23 with Stops expected below.
  
  Technical Resistance is expected around 4384.43/ 4518.94/ 4633.03/ 4840/ 5000 with Stops expected above.
  
  On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
  
  On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.