Ethereum (ETH/USD) gave back some earlier gains in today’s North American session as the pair moved lower to the 191.66 area after spiking higher to the 198.20 level, just above the 198.09 area that represents an upside price objective and exhaustion point related to buying pressure that originated around the 90.00 area last month. Traders lacked the conviction to test the psychologically-important 200.00 figure and are carefully monitoring price activity around the 193.54 and 190.66 area, representing the 23.6% and 38.2% retracements of the recent appreciation from 178.46 to 198.20. 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. Following the market’s test of the 198.09 area, the pair’s next upside price objective is the 199.16 level, upside price objectives related to buying pressure that emerged around the 90.00 level. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 206.29 level. 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) bullishly moved 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 180.97 and the 50-bar MA (Hourly) at 189.86.
Technical Support is expected around 176.99/ 171.47/ 164.56 with Stops expected below.
Technical Resistance is expected around 199.16/ 206.29/ 213.05 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.