Ethereum (ETH/USD) extended recent weakness in today’s North American session as the pair moved lower to the 124.50 area after selling pressure emerged around the 133.80 level earlier in today’s Asian session. Stops were elected below the 125.85 and 124.80 levels during the pair’s pullback in today’s North American session, both of which represent upside price objectives related to buying pressure that originated around the 100.50 level in the middle of March. Stops were recently triggered below the 127.41 level during the depreciation, and the next downside price objective related to that level is the 122.75 area.
Above current market activity, upside price objectives include the 127.41, 130.29, 132.63, 134.96, and 137.84 levels. Below current market activity, downside price objectives include the 119.84, 116.59, 110.01, and 102.33 levels. Chartists are observing that the 50-bar MA (4-hourly) has recently bearishly crossed below the 100-bar MA (4-hourly), and that the 200-bar MA (hourly) has recently bearishly crossed above the 100-bar MA (hourly). Another important technical level that traders are monitoring is the 124.81 level, an upside price objective related to buying pressure that originated around the 90.00 level.
Price activity is nearest the 100-bar MA (4-hourly) at 128.49 and the 50-bar MA (Hourly) at 128.65.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.