Ethereum (ETH/USD) fell sharply during today’s North American session as the pair weakened to the 225.60 area after being capped around the 253.60 area during the European session, a fresh multi-week high. Stops were elected below some key levels during the pullback, including the 242.09 area that represents an upside price objective related to buying pressure that emerged around the 90.00 area in March. Also, Stops were triggered below the 240.16 and 231.85 areas, representing the 23.6% and 38.2% retracements of the recent appreciation from 196.65 to 253.60, but traders stopped short of testing the 50% retracement level at 225.13. Additional Stops were elected below the 238.89 and 229.79 levels, representing the 23.6% and 38.2% retracements of the appreciation from 191.27. Larger Stops were also hit below the 228.70 area, representing the 23.6% retracement of the appreciation from 148.08 to 253.60.
Above recent price activity, upside price objectives include the 260.23 and 262.90 areas. Last week, Stops were elected above the 216.99 and 227.50 areas and traders will pay close attention to how price activity reacts around these 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, and the appreciation from 90.00 to 227.50. Important technical levels related to those ranges include the 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 bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 222.40 and the 100-bar MA (Hourly) at 236.39.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.