Ethereum (ETH/USD) gained steady ground in today’s North American session as the pair rallied to the 173.89 level after trading as low as the 168.44 area during today’s European session. The market appreciated to the 174.93 level during today’s European session and came off, just above a technical level that represents the 38.2% retracement of the appreciation from 148.08 to 191.22. Traders are eyeing the 164.56 level as an area of possible technical support during pullbacks lower. Stops were reached during the weekend above the 177.39 area, a downside price objective related to selling pressure that emerged around the 252.99 area in March. Below current price activity, traders will be curious to see how price activity will react around the 154.57 and 149.31 levels, representing the 61.8% and 76.4% retracements of the appreciation from 140.81 to 176.82.
Another important range that traders are monitoring is the appreciation from 123.82 to 176.72, with the 150.27 level representing the 50% retracement and the 144.00 level representing the 61.8% retracement. Also, another 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 196.54 and 206.29 levels. Below current price activity, downside price objectives include the 144.00, 140.81, 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) bearishly moved below 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 169.98 and the 200-bar MA (Hourly) at 169.93.
Technical Support is expected around 164.56/ 158.26/ 150.27 with Stops expected below.
Technical Resistance is expected around 196.54/ 206.29/ 213.05 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.