Ethereum (ETH/USD) continues to orbit the key 134.91 level through the early European session, representing the 38.2% retracement of the depreciation from 222.78 (Nov 2018) to 80.60 (Dec 2018). The 130.05 level has been technically supportive from 5 March with a couple of tests since the appreciation from the 122.75 level.
The pair held a relatively tight range this weekend between 130.13 and 138.01 and lacked conviction during today’s Asian session. Below recent market support, technical support is expected around the 129.34 level and the 126.82 level, representing the 61.8% and 76.4% retracements of the 122.75 (4 March) – 140.00 (6 March) range.
Another move lower could again pressure the 123.25 level, below which about US$ 0.50 in Stops were elected during the 4 March test.
Technical support could emerge around the 120.61 level (representing the 50% retracement of the 80.60 – 160.62 range) and around the 115.60 level (representing the 76.4% retracement of the 100.15 – 165.62 range), with Stops expected below.
Upside price objectives remain the 140.61 level (representing the 38.2% retracement of the 100.15 – 165.62 range), a key area that was tested multiple times in late February. Additional upside price objectives include the 141.74/ 146.35/ 147.22/ 151.69 levels with Stops expected above.
On 240-minute chart, Price activity is looking Bearish with SlowD mostly above SlowK since 9 March while MACD has been Bearish since 8 March with MACDAverage exceeding MACD. The 50-bar MA (133.68) was tested twice during the weekend and the 100-bar MA is now around 136.73.
On 60-minute chart, Price activity tested the 50-bar MA and 100-bar MA multiple times during the Asian session and the 200-bar MA is now seen around 133.59. SlowD has Bearishly crossed above SlowK twice since yesterday and MACD appears to be Bearishly converging with MACDAverage.