Ethereum (ETH/USD) traded sideways in today’s North American session as the pair remained confined to a relatively narrow range, trading as high as the 134.33 level during today’s Asian session and as low as the 130.45 area during today’s European session. During yesterday’s North American session, traders were able to elect Stops above the 134.96 level and the market traded as high as the 135.48 area before yielding ground and fading below the 131.00 level. Chartists are also observing that yesterday’s high was right around the 61.8% retracement of the depreciation from the 142.50 area to the 123.72 level. Many traders are trying to better understand the current market sentiment around ETH/USD before assuming more market risk.
Above current market activity, upside price objectives include the 137.84, 138.07, 139.50, 140.12, 141.52, and 149.09 levels. Below current market activity, downside price objectives include the 127.41, 123.72, 122.75, 122.41, 119.84, and 116.59 levels. Chartists are observing that the 50-bar MA (4-hourly) has recently bullishly crossed above the 100-bar MA (4-hourly), and that the 50-bar MA (hourly) has recently bullishly 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. ETH/USD appears poised to complete the month with approximately a 38% loss.
Price activity is nearest the 50-bar MA (4-hourly) at 133.37 and the 200-bar MA (Hourly) at 133.51.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.