Ethereum (ETH/USD) extended recent gains during today’s North American session as the pair appreciated to the 215.45 level after bids emerged around the 204.50 level during the European session. The pair’s intraday high was right around the 76.4% retracement of the recent depreciation from 227.50 to 176.43. Stops were elected above the 210.92 area, representing the 76.4% retracement of the recent depreciation from 216.99 to 191.27. Earlier this week, Stops were elected above the 207.42 area, representing the 23.6% retracement of the appreciation from 176.43 to 216.99. The 201.50 and 196.71 areas represent the 38.2% and 50% retracements of this range, and ETH/USD bulls observed the market deriving some technical support from these levels. Additional appreciating ranges that are technically significant include the move from 148.08 to 227.50, the move from 123.72 to 227.50, and the appreciation from 90.00 to 227.50.
Important technical levels related to those ranges include the 208.76, 203.01, 197.16, 195.10, 187.79, and 175.02 levels, and traders are very interested to observe how price activity reacts around these levels. Below current market activity, traders continue to monitor the 196.56 and 177.39 levels as downside price targets, both of which relate to selling pressure that emerged around the 253.01 area in early March. Additional downside areas of potential technical support include the 190.93, 186.00, 185.39, and 185.11 areas. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 205.21 and the 50-bar MA (Hourly) at 205.50.
Technical Support is expected around 191.27/ 185.39/ 177.39 with Stops expected below.
Technical Resistance is expected around 215.09/ 219.48 / 227.50 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.