Ethereum (ETH/USD) reclaimed some lost ground in today’s North American session as the pair traded as high as the 157.04 level after trading as low as the 149.70 area, following selling pressure that commenced around the 165.45 area during yesterday’s North American session. The pair had briefly traded above the 164.56 area, a level that represents the 50% retracement of the depreciation from 176.82 to 152.30, before Stops were elected below related levels including the 161.67 and 158.08 areas. A very important technical level that the pair continues to orbit is the 154.00 level, an upside price objective related to recent buying pressure around the 90.00 level.
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. 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, 144.00, and 136.25 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 below the 100-bar MA (hourly) and 200-bar MA (hourly), suggesting additional short-term depreciation is likely.
Price activity is nearest the 100-bar MA (4-hourly) at 148.39 and the 50-bar MA (Hourly) at 157.02.
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.