Ethereum (ETH/USD) continued to orbit the psychologically-important 200.00 figure during today’s North American session as the pair declined from the 205.29 level during today’s Asian session and traded as low as the 196.82 area before traders lifted the pair back to the 201.91 area during the European session. Some traders became bearish in the short-term during the Asian session when ETH/USD failed to move above the 205.44 area, representing the 76.4% retracement of the depreciation from 214.40 to 176.43. Traders were then able to keep the pair bid above the 195.96 area, representing the 50% retracement of the depreciation from 227.54 to 176.43, and also above the 196.54 area, representing a downside price objective related to selling pressure that emerged around the 253.01 area in March. During last weekend, ETH/USD traded as low as the 180.33 level one day after the pair dramatically fell from the 214.44 area to the 180.01 area in very short order. Stops were triggered below the 197.16 and 187.79 levels, representing the 38.2% and 50% retracements of the recent appreciation from the 148.08 area to the 227.50 level.
The 187.86 area also represents the 38.2% retracement of the wider appreciation from 123.72 to 227.50 and large Stops were also reached below the 195.05 area, representing the 23.6% retracement of the wider appreciation from 90.00 to 227.50. Additional downside price objectives related to this selling pressure include the 176.23 and 171.99 areas, and traders will be curious to see what kind of technical support emerges around these levels when the market comes off further. Additional downside areas that traders will be monitoring include the 178.42 and 166.82 levels. Chartists are observing that the 50-bar MA (4-hourly) continues to bearishly indicate below the 100-bar MA (4-hourly), and continues to indicate above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) has bullishly moved above the 200-bar MA (hourly), and continues to indicate above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 199.04 and the 50-bar MA (Hourly) at 200.07.
Technical Support is expected around 191.93/ 185.39/ 177.39 with Stops expected below.
Technical Resistance is expected around 206.29/ 215.48/ 277.50 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.