Ethereum (ETH/USD) fell sharply in today’s North American session as the pair weakened to the 378.90 area after trading as high as the 398.57 area during the Asian session. Stops were elected below the 388.59 level during the depreciation lower, representing the 23.6% retracement of the recent appreciating range from 325.75 to 408.00. Some Stops were also 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. Chartists are awaiting to see if the pair can get back to the 396.69 area, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60. 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. ETH/USD then quickly plunged to the 325.75 area, right around the 50-bar simple moving average on 4-hourly charts, and just above the 50% retracement of the recent appreciation from 229.77 to 415.00.
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 377.55 and the 100-bar MA (Hourly) at 393.82.
Technical Support is expected around 305.98/ 293.26/ 281.92 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.