Ethereum (ETH/USD) established new multi-week highs in today’s North American session as the pair traded as high as the 150.50 level, a continuation of buying activity that emerged around the 128.60 level during yesterday’s North American session. Stops were elected above many levels during the push higher today, including the 143.19 and 144.03 areas, two upside price objectives related to buying pressure that originated around the 90.00 level last month. Smaller Stops were triggered above the 144.92, 145.50, and 145.79 levels during the appreciation higher.
Today’s price appreciation represents the pair’s trading activity above the psychologically-important 150.00 figure since 20 March, and traders will be curious to see if the 154.00 relative high from that date will be tested and absorbed. Above that area, traders will pay close attention to levels that were technically significant when price activity precipitously declined from the 253.01 area in early March. Above current market activity, upside price objectives include the 153.22, 156.77, 159.62, and 168.14 levels. Below current market activity, downside price objectives include the 137.11, 133.95, and 130.04 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 133.18 and the 50-bar MA (Hourly) at 134.87.
Technical Support is expected around 119.84/ 115.51/ 110.18 with Stops expected below.
Technical Resistance is expected around 153.22/ 156.77/ 159.62 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 Bullishly above MACDAverage.