Ethereum (ETH/USD) moved lower from recent gains in today’s North American session as the pair traded as low as the 189.60 area after trading as high as the 200.00 figure during yesterday’s North American session. During a move higher during today’s Asian session, the pair encountered additional selling pressure around the 199.41 area, suggesting the pair’s short-term sentiment could be negative after the pair was unable to move back above the psychologically-important 200.00 figure. Stops were elected below the 192.07 level during today’s North American session, a level that represents the 23.6% retracement of the recent appreciation from 166.40 to 200.00. Notably, bids emerged just above the 189.23 level during today’s pullback, just above the 50% retracement of the recent appreciation from 178.46 to 200.00. Chartists are also observing that the market remained above the 184.72 level during a pullback last week, a level that represents the 61.8% retracement of the appreciation from 178.46 to 194.86.
The 184.01 area remains an important technical level for the pair, 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 206.29 and 213.05 levels. Below current price activity, downside price objectives include the 176.99, 171.47, and 165.95 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 above the 100-bar MA (hourly), and continues to indicate above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 184.84 and the 100-bar MA (Hourly) at 192.30.
Technical Support is expected around 184.01/ 176.99/ 171.47 with Stops expected below.
Technical Resistance is expected around 206.29/ 213.05/ 232.88 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.