Ethereum (ETH/USD) extended recent gains in today’s North American session as the pair reached the 161.81 area after bids emerged around the 155.31 area during today’s Asian session. Stops were reached above the 161.67 level during the move higher, right around the 38.2% retracement of the depreciation from 176.82 to 152.30. 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. Earlier in today’s Asian session, bids originated around the 154.20 area, and this is an important observation because the 154.00 area was notable technical resistance around 20 March. The fact that this level served as technical support earlier today suggests ETH/USD’s short-term direction should be higher.
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, and 144.00 levels. Chartists are observing that the 50-bar MA (4-hourly) bullishly remains above the 100-bar MA (4-hourly), and that the 50-bar MA (hourly) is bearishly below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 159.57 and the 100-bar MA (Hourly) at 163.28.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.