Published
4 years ago on
April 10, 2020
Ethereum (ETH/USD) continued to oscillate in today’s North American session as the pair was pressured below the 160.00 level after trading as low as the 156.23 area during today’s European session. Stops were elected below the 165.14 level during today’s move lower, a level that represents the 23.6% retracement of the depreciation from 176.86 to 161.51. Additional Stops were reached below the 164.61 area, representing the 76.4% retracement of the appreciation from 161.47 to 174.77. Also, larger Stops were reached below the 163.06 and 158.62 areas, representing the 38.2% and 50% retracements of the appreciation from 140.81 to 176.82.
Chartists note that buying pressure emerged today right around the 156.54 level, representing the 38.2% retracement of the appreciation from 123.72 to 176.82. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 186.60 and 198.05 areas. Below current price activity, downside price objectives include the 154.57, 150.27, 149.31, and 144.00 levels. Chartists are observing that the 50-bar MA (4-hourly) bullishly remains above the 200-bar MA (4-hourly), and that the 50-bar MA (hourly) is bearishly converging with the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 155.65 and the 100-bar MA (Hourly) at 167.94.
Technical Support is expected around 156.77/ 153.22/ 149.31 with Stops expected below.
Technical Resistance is expected around 177.39/ 196.54/ 206.29 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.
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