Ethereum (ETH/USD) gained ground early in today’s North American session as the pair appreciated to the 374.14 area after trading as low as the 371.91 area during the European session. Earlier in the European session, ETH/USD quickly appreciated to the 375.79 area, right around the 61.8% retracement of the depreciating range from 380.00 to 369.02. The pair’s recent climb suggests an improving bias and market sentiment that could result in additional accumulation. Traders were able to get ETH/USD above the 371.89 level, representing the 38.2% retracement of the recent depreciating range from 387.63 to 361.38. Another depreciating range that traders are watching is the move from 395.18 to 374.29, with the 384.74, 387.20, 390.25, and 390.71 levels as upside retracement levels. Trading activity previously was orbiting the 378.85 area, representing the 38.2% retracement of the broader depreciating range from 488.95 to 310.79. Additional upside price retracement levels include the 399.87 and 420.89 areas. Traders are observing that the 50-hour simple moving average is bullishly converging with the 100-hour simple moving average. Traders recently had taken 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 traders 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 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 50-bar MA (4-hourly) at 374.88 and the 200-bar MA (Hourly) at 375.10.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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