Ethereum (ETH/USD) depreciated in today’s North American session as the pair weakened to the 158.56 level after trading as high as the 163.00 level earlier in today’s North American session. The pair encountered technical resistance around the 50-bar MA (4-hourly) but continues to trade above the 100-bar MA (4-hourly). A couple of important technical support levels that traders are watching include the 150.27 level and the 153.22 area. The former is technically significant and related to buying pressure that emerged around the 123.72 level, while the latter is technically significant and related to buying pressure that originated around the 90.00 area in March. Chartists are also observing that ETH/USD needs to make a decisive break above the 168.14 level before it can make a run at some of the recent highs established in early April.
Notably, the 161.62 area is also technically significant because it represents a downside price objective related to the 252.99 area that traded in early March. Another very important level that traders are watching is the 159.62 level, an upside price objective related to buying pressure that emerged around the 90.00 level in March. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 164.56, 167.45, and 171.03 levels. Below current price activity, downside price objectives include the 150.27, 149.31, 144.00, and 136.25 levels. Chartists are observing that the 50-bar MA (4-hourly) bullishly continues to indicate above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) continues to indicate below the 100-bar MA (hourly) and 200-bar MA (hourly), suggesting additional short-term depreciation is likely.
Price activity is nearest the 50-bar MA (4-hourly) at 162.81 and the 100-bar MA (Hourly) at 157.74.
Technical Support is expected around 153.22/ 149.31/ 146.77 with Stops expected below.
Technical Resistance is expected around 164.56/ 167.45/ 176.82 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.