Ethereum (ETH/USD) gave back some gains early in today’s North American session as the pair weakened to the 388.00 area level after trading as high as the 398.30 area earlier in the Asian session. Traders are observing that the pair has encountered some technical resistance around the 392.00 area, representing the 23.6% retracement of the recent appreciation from 362.00 to 401.00. Additional downside price retracement levels in this range include the 386.44, 381.94, 377.44, and 371.88 areas. The 396.69 area remains an important technical level, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60. Stops were recently triggered below the 380.40 area, representing the 23.6% retracement of the appreciating range from 268.39 to 415.00, and stopped just short of testing the 374.08 and 372.25 levels, key retracement levels related to buying activity that emerged around the 241.62 and 233.85 levels. Following the pair’s recent run-up, important technical levels include the 376.58, 374.08, 372.25, 366.88, 358.99, 348.77, 345.80, 345.16, 341.70, and 328.31 areas. Recently, the pair has encountered buying pressure around the 23.6% retracement of the appreciating range from 268.39 to 415.00. Downside retracement levels in this appreciating range include the 373.89, 364.70, 355.50, 344.13, and 342.42 areas.
ETH/USD recently spiked to the 415.00 area, a test of the 418.79 level that represents the 61.8% retracement of the historical depreciation from 627.83 to 80.60. Additional upside price objectives include the 425.31, 437.31, and 454.79 areas. Stops were recently elected above the 336.10, 337.33, 342.29, 350.44, 354.22, 366.48, and 369.26 areas during the move higher. Last week, bids emerged just above the 314.07 area, a level that represents the 50% retracement of the broad historical depreciation from the 547.54 to 80.60. A couple of interesting levels that traders will observe during retracements lower include the 301.20 and 301.40 areas, and they are related to buying pressure that emerged around the 241.62 and 319.86 areas. Likewise, the 312.82, 316.32, and 322.16 levels are areas with important technical significance. 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 392.09 and the 100-bar MA (Hourly) at 393.10.
Technical Support is expected around 349.75/ 331.95/ 315.08 with Stops expected below.
Technical Resistance is expected around 425.31/ 437.31/ 454.79 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.