Ethereum (ETH/USD) appreciated early in the North American session as the pair traded as high as the 244.74 area after trading as low as the 236.59 area during the Asian session. Decent buying pressure emerged around the 238.30 area early in the European session and launched ETH/USD to its highest print since late June. Stops were elected above the 241.04 and 241.79 levels, representing the 76.4% and 78.6% retracements of the recent depreciation from 249.04 to 215.16. Notably, the 244.53 level represents the 76.4% retracement of the recent depreciation from 253.60 to 215.16, and the 245.37 level represents the 78.6% retracement of this depreciating range. Additional upside price targets include the 248.94 and 253.60 levels. Additional technically significant levels include the 247.20 and 242.80 areas, representing the 78.6% and 76.4% retracements of this year’s depreciation from 290.00 to 90.00. Further above recent price activity, upside price objectives include the 260.23 and 262.90 areas. Following the pair’s recent movements, potential areas of technical support include the 239.73, 236.63, 234.12, 231.61, 228.51, and 228.05 levels.
Below current price activity, traders are waiting to see what will happen around the 222.95 area, representing the 23.6% retracement of the recent appreciation from 123.72 to 253.60. Traders are also eyeing the 221.29, 215.16, 190.93, 186.00, 185.39, and 185.11 levels as area of possible technical support. Notably, the 214.99 area represents the 23.6% retracement of the appreciation from 90.00 to 253.60. 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 253.60, 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. Chartists are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-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 200-bar MA (4-hourly) at 233.70 and the 50-bar MA (Hourly) at 239.16.
Technical Support is expected around 223.50/ 215.16/ 191.27 with Stops expected below.
Technical Resistance is expected around 249.04/ 253.60/ 265.01 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.