Ethereum (ETH/USD) clawed back some losses early in today’s North American session as the pair appreciated to the 380.37 area after trading as high as the 392.16 area in the Asian session, just below the 392.76 area that represents the 50% retracement of the recent appreciating range from 364.04 to 421.47. Notably, this was also just above the 50-hour simple moving average, and traders observed that the intraday low of 373.40 was just above the 200-bar 4-hourly simple moving average, and just below the 78.6% retracement of the recent appreciating range from 361.38 to 421.47. During the recent pullback lower, Stops were elected below the 404.79, 400.48, 396.99, 393.50, 389.19, and 388.54 areas, retracement areas related to the recent appreciating range from 382.21 to 411.77. Additional Stops were recently triggered below the 385.98 area, representing the 61.8% retracement of the recent appreciating range from 364.04 to 421.47. Stops were also recently elected above the 378.85 and 399.87 levels during the pair’s ascent, representing the 38.2% and 50% retracements of the recent depreciating range from 488.95 to 310.79. Traders are also observing that the 200-hour simple moving average recently bearishly moved above the 100-hour simple moving average, and this could result in additional market weakness.
Additional upside price objectives include 420.89, 425.31, 427.78, 437.41, and 446.90. Following ETH/USD’s run-up, traders are paying close attention to the 403.11, 395.14, 388.69, 382.84, and 374.27 levels as areas of potential technical support. Additional areas of potential upside pressure include the 393.37, 379.37, and 368.05 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 traders are curious to see if ETH/USD can maintain this level. Traders 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 373.07 and the 50-bar MA (Hourly) at 386.94.
Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.
Technical Resistance is expected around 421.47/ 437.41/ 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.