Ethereum (ETH/USD) gained strong ground early in today’s North American session as the pair appreciated to the 461.17 area after trading as low as the 439.77 area earlier in the European session, just below the 23.6% retracement of the depreciating range from 460.00 to 433.83. Stops were elected above the 50-hour, 100-hour, and 200-hour simple moving averages during the ascent, and also above the 459.04 area that represents the 50% retracement of the depreciating range from 478.31 to 439.77. The next upside retracement levels in this appreciating range include the 463.59, 469.21, and 470.06 levels. Additional upside price objectives that ETH/USD bulls are monitoring include 475.85, 476.32, 478.61, 479.15, and 503.54. Additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12.
During a 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. 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 downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 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, 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 50-bar MA (4-hourly) at 457.63 and the 100-bar MA (Hourly) at 460.60.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 487.55/ 498.68/ 503.54 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.