Ethereum (ETH/USD) recovered from yesterday’s sell-off early in today’s North American session as the pair was lifted to the 235.52 area after bids emerged around the 228.78 area during today’s Asian session, just above the 23.6% retracement of the appreciating range from 148.08 to 253.60. One level that ETH/USD continues to orbit is the 234.03 area, representing the 50% retracement of the recent depreciating range from 250.26 to 217.79. The 237.86 level is the next upside retracement level in this depreciating range, followed by the 242.60 area. Earlier this week, ETH/USD briefly traded below the 218.40 area, representing the 61.8% retracement of the appreciating range from 196.65 to 253.60. The next upside price retracement level in this range is the 240.16 level. Traders are carefully monitoring some upside retracement levels including the 237.75, 240.70, and 244.35 areas, representing the 50%, 61.8%, and 76.4% retracements of the recent depreciation from 250.26 to 225.23. Above recent price activity, upside price objectives include the 260.23 and 262.90 areas.
Appreciating ranges that are technically significant include the move from 148.08 to 227.50, the move from 123.72 to 227.50, the move from 176.43 to 216.99, the appreciation from 90.00 to 227.50, and the appreciation from 196.65 to 253.60. Important technical levels related to those ranges include the 240.16, 231.85, 225.13, 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 bearishly indicating below 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 237.97 and the 100-bar MA (Hourly) at 233.53.
Technical Support is expected around 213.66/ 206.29/ 191.27 with Stops expected below.
Technical Resistance is expected around 253.60/ 260.23/ 278.02 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 Bullishly above MACDAverage.