Published
3 years ago on
June 06, 2020
Ethereum (ETH/USD) encountered some selling pressure during today’s North American session as the pair receded to the 241.20 level after trading as high as the 244.52 area during the European session, just above the 243.99 area that represents the 61.8% retracement of the recent depreciation from 247.90 to 237.67. The intraday low was just above the 241.10 level, representing the 50% retracement of the recent appreciation from 237.67 to 244.52. A series of Stops were elected during the pair’s recent descent, including below the 240.16, 238.89, 231.85, 229.79, and 228.70 levels. 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, 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 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 238.30 and the 50-bar MA (Hourly) at 242.37.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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