Ethereum (ETH/USD) weakened sharply early in today’s North American session as the pair depreciated to the 348.25 area after trading as high as the 376.76 area during the Asian session, just above the 61.8% retracement of the recent depreciation from 390.41 to 353.72. Some larger Stops were elected below the 366.31 area during the move lower in the European session, a level that represents the 38.2% retracement of the recent depreciating range from 384.61 to 355.00. Some upside pressure finally emerged just below the 348.85 level during the North American session, an area that represents the 23.6% retracement of a recent appreciating range from 310.79 to 360.61. Chartists are observing that the 200-hour simple moving average has also emerged as technical resistance over the past few sessions.Stops were recently elected above the 387.15 area during the move higher, representing the 61.8% retracement of the recent depreciating range from 394.55 to 375.19, and the next upside retracement level in this range is the 389.98 area. Traders recently took the pair as high as the 394.55 area, and selling pressure prevented a test of the 399.87 area, representing the 50% retracement of the recent depreciating range from 488.95 to 310.79. The next upside retracement levels in this range include the 420.89 and 446.90 areas. The 328.78, 319.75, and 311.90 areas are important technical areas that traders are monitoring, as are the 302.20, 293.56, 289.64, 285.23, and 279.77 levels.
Traders recently drove the pair as high as the 488.95 area after some Stops were elected above the 487.55 area, its first test of the psychologically-important 500.00 figure since July 2018. Stops have recently been elected below the 394.80, 389.94, 384.36, 376.07, 369.57, 359.36, and 345.38 areas during the pair’s recent depreciation from the 488.95 area, and traders are curious to see how price activity reacts around these levels. The 396.69 area remains an important technical level, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60, and trader are curious to see if ETH/USD can reclaim this level. Following the pair’s recent appreciation, some additional important technical levels include the 416.00, 409.64, 389.91, 383.02, 374.83, and 359.36 areas. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 366.09 and the 200-bar MA (Hourly) at 375.24.
Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.
Technical Resistance is expected around 399.87/ 411.48/ 420.89 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.