Ethereum (ETH/USD) depreciated sharply during today’s North American session as the pair rapidly fell to the 191.27 level following renewed selling pressure that originated around the 211.52 area during today’s Asian session. The move below the 196.54 area was bearish as it represents a downside price objective related to selling pressure that originated around the 253.01 area in March. Stops were elected below the 201.50, 196.72, and 191.93 areas during the move lower today, representing the 61.8%, 50%, and 38.2% retracements of the recent depreciation from 217.00 to 176.43. Additional Stops were elected below the 201.50, 196.71, and 191.92 levels, representing the 38.2%, 50%, and 61.8% retracements of the recent appreciation from 176.43 to 216.99.
The 198.64 area emerged as an intraday short-term price objective, but this area could not be held and Stops were reached below. ETH/USD bears are also eyeing the 190.08 level as a downside price objective. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 199.07 and the 200-bar MA (Hourly) at 205.41.
Technical Support is expected around 191.27/ 185.39/ 177.39 with Stops expected below.
Technical Resistance is expected around 207.42/ 216.99 / 227.50 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 Bearishly below MACDAverage.