Ethereum (ETH/USD) retraced some earlier intraday gains during today’s North American session as the pair ran out of upward momentum around the 203.36 area and weakened to the 200.01 level. Traders lifted the pair from the 198.57 level during the European session and some light Stops were elected above the 203.01 area, representing the 23.6% retracement of the recent appreciation from 123.72 to 227.50. Notably, the 198.57 area was just below the 198.80 level, representing the 50% retracement of the recent depreciating range from 206.25 to 191.35. Traders continue to monitor the 201.99 area, representing the 50% retracement of the depreciation from 227.54 to 176.43. Other important levels in this range include the 195.96 and 208.02 areas. 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) is bullishly indicating above the 100-bar MA (hourly) and 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 197.11 and the 50-bar MA (Hourly) at 199.72.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.