Ethereum (ETH/USD) depreciated in today’s North American session as the pair depreciated to the 471.14 area after trading as high as the 481.01 area in the Asian session, a bearish test of the 38.2% retracement of the recent appreciating range from 457.35 to 495.68. Traders observe that ETH/USD weakened in the European session to test the 465.18 area, a test of the 200-hour simple moving average. Later in the North American session, ETH/USD weakened to the 471.14 area, just below the 471.47 area that represents the 38.2% retracement of the recent depreciating range from 495.68 to 456.50. Stops were recently elected above the 469.21 and 470.06 areas during ETH/USD’s move higher, representing the 76.4% and 78.6% retracements of the depreciating range from 478.31 to 439.77. Traders are also paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area. Additional upside price objectives that ETH/USD bulls are monitoring include the 503.54, 508.69, 510.22, 519.16, 521.13, and 524.87 levels. Some 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 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 466.53 and the 50-bar MA (Hourly) at 477.45.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 498.68/ 498.68/ 508.69 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.