Ethereum (ETH/USD) extended recent gains in today’s North American session as the pair traded as high as the 144.16 level after trading as low as the 130.35 area during today’s Asian session. Stops were elected above the 143.19 level during the pair’s ascent, an upside price objective related to buying pressure that emerged around the 90.00 area on 13 March. After establishing a multi-day high, ETH/USD faded to the 135.06 level, just above a downside price objective around the 134.76 area that became technically significant when selling pressure commenced around the 154.00 area. Below these levels, downside price objectives include the 131.74, 130.21, 127.54, 126.48, and 124.59 levels.
Chartists note that the 144.16 level reached during today’s European session was also below the 145.79 level, an area that represents the 76.4% retracement of the depreciation from 154.00 to 119.20. Trading activity this month has seen the market open March around the 218 level, climb to the 253 area, sharply depreciate to the 90.00 area, reclaim lost ground to the 154.00 area, depreciate to the 115.51 level, and then escalate higher to the 144 area. Stops were elected above the 130.67 and 133.40 levels during the pair’s ascent late last week, eventually testing the 154.00 area, right around the 154.03 area that represents a downside price objective related to selling pressure that commenced around the 253.01 level on 7 March. During the pullback during Friday’s North American session, several Stops were triggered below many important short-term downside price objectives including the 135.99, 131.74, 127.54, 126.48, 119.36, and 117.98 levels. Upside price objectives include the 145.79, 153.22, 156.77, and 159.62 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 126.40 and the 100-bar MA (Hourly) at 131.93.
Technical Support is expected around 119.84/ 115.51/ 110.18 with Stops expected below.
Technical Resistance is expected around 153.22/ 156.77/ 159.62 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 Bearishly below MACDAverage.