Published
3 years ago on
May 14, 2020
Ethereum (ETH/USD) erased some intraday gains during today’s North American session as the pair moved back to the 200.80 area after trading as high as the 206.25 area during the European session. Stops were elected above the 205.44 area during the move higher, representing the 76.4% retracement of the recent depreciation from 214.40 to 176.43. The pair’s ascent was capped by technical offers around the 78.6% retracement of the depreciating range, a level that was also just below the 206.29 area, a downside price objective related to selling pressure that emerged around the 253.01 area in March. If ETH/USD is able to resume its upward momentum, traders will pay close attention to the 208.02 area, an area that represents the 61.8% retracement of the recent depreciation from 227.54 to 176.43. Near that level, the 208.76 area is another target and represents the 23.6% retracement of the recent appreciation from 148.08 to 227.50. 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) has bearishly moved 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 bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 203.79 and the 200-bar MA (Hourly) at 199.54.
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.
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