Ethereum (ETH/USD) was volatile during today’s North American session as the pair fell to the 236.17 level after trading as high as the 246.73 area during today’s Asian session, just below the 76.4% retracement of the recent sharp depreciation from 253.60 to 225.60. Likewise, the intraday low was right around the 38.2% retracement of this recent depreciating range. Traders were then able to take the pair back to the 246.19 area before selling pressure saw BTC/USD decline to the 242.12 area, right around the key 242.09 level. Traders continue to focus on this 242.09 area because it represents an upside price objective related to buying pressure that emerged around the 90.00 area in March. 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, 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 231.72 and the 100-bar MA (Hourly) at 240.55.
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.