Insights for the Asian Crypto trading session Monday 04/03/19
BTC/USD: Continues sideways consolidation
ETH/USD: Range trading opportunities seen
XRP/USD: Stuck in a contracting triangle pattern
EOS/USD: Price continues trading within bearish flag formation
LTC/USD: Price action continues to maintain bullish structure on daily
ETH/USD Technical Analysis: range trading opportunities seen
ETH fails to break out of recent range post hard fork
ETH/USD is trading towards major support towards lower end of recent range between $128-$145 .
Range trading opportunities at both extremes of the range.
ETH/USD 4 Hourly chart
ETH/USD: Ethereum, the second largest cryptocurrency by market cap, continues to trade within a tight range after gaining more than 65 percent last month despite crashing lower from February's highs. ETH/USD is trading down just under 1 percent at the time of writing at $132.98, towards the lower end of the recent $128-$145 range, still some 20% lower than the Feb highs.
After the Feb crash, ETH made a low of $127.73, exactly above the 61.8 percent retracement level of the entire rise of February. From a daily perspective ETH/USD is stuck between the 100 and 200 day MA’s with MACD crossing back below zero indicating further losses may be possible. With strong sell signals from the short term moving averages and oscillators, bulls need to be wary of a potential break of the 61.8 percent retracement level, and bottom off the recent trading range at $127.73 which would see a swift decline towards $117-$120 level. Only a move back above recent range highs towards $145 would indicate the topside rally was ready to resume.
Daily Technical Analysis Summary: Sell
Moving Averages: Sell
Support 1: $137.60
Support 2: $141.80
Resistance 1: $129.20
Resistance 2: $127.73
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