Ethereum (ETH/USD) rocketed above the psychologically-important 200.00 figure during today’s European session with traders lifting the pair as high as the 219.59 area during today’s North American session, a fresh multi-week high. Stops were elected above the 206.29 level during the rapid ascent, a level that represents the 76.4% retracement of the depreciation from 253.01 to 55.04. Additional Stops were reached above the 213.05 area during the ascent, an upside price objective related to upside buying pressure that commenced in March around the 90.00 area.
Above current price activity, traders will pay very close attention to the 232.88 and 242.09 areas, additional upside price objectives related to the 90.00 level, with Stops likely to be decent above the 232.88 area. When ETH/USD comes off, traders will pay close attention to levels including the 207.04, 199.27, 193.00, 186.72, and 178.95 levels. Below those areas, 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 192.66 and the 50-bar MA (Hourly) at 202.08.
Technical Support is expected around 207.04/ 199.27/ 193.00 with Stops expected below.
Technical Resistance is expected around 219.59/ 232.88/ 242.09 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.