Ethereum (ETH/USD) encountered light buying pressure in today’s North American session as the pair was lifted to the 136.78 level after bids emerged around the 132.50 area during today’s Asian session with more buying power evident around the 133.52 level earlier during today’s North American session. Market sentiment appears to be relatively stable at present, as traders have been unable to push the pair too far above the psychologically-important 150.00 figure following the pair’s recent low around the 90.00 area. The pair peaked around the 154.00 area on 20 March, and has since traded as low as the 115.51 level before trading mostly sideways. Chartists are keeping their eyes on the 122.00 area, a level that represents the 50% retracement of the recent appreciation from 90.00 to 154.00 and has recently served as technical support. Chartists observe that the 50-bar MA (hourly) recently bullishly crossed above the 100-bar MA (hourly), and that the 50-bar MA (4-hourly) is bullishly converging with the 100-bar MA (4-hourly).
A couple of other levels that traders are carefully watching include the 133.40 and 130.67 areas, downside price objectives related to the recent depreciation from the 154.00 area. Below current price activity, downside price objectives include the 131.74, 130.21, 127.54, 126.48, and 124.59 levels, and traders will be curious to see if technical support emerged as these levels. Trading activity this month has seen the market open March around the 218 level, climb to the 253 area, sharply depreciate to the 90 area, reclaim lost ground to the 154 area, depreciate to the 115 level, and then escalate higher to the 144 area. Upside price objectives include the 153.22, 156.77, and 159.62 levels.
Price activity is nearest the 100-bar MA (4-hourly) at 136.07 and the 50-bar MA (Hourly) at 136.68.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.