Ethereum (ETH/USD) lost some ground early in today’s North American session as the pair depreciated to the 458.88 area after trading as high as the 466.80 area in the Asian session, a nearly perfect test of an upside price objective related to buying pressure that emerged months ago around the 122.50 area. Stops were elected above the 458.13 and 459.14 levels during the move higher, representing the 76.4% and 78.6% retracements of the depreciating range from 468.98 to 423.00, and the pair then stopped just short of testing relative recent highs established late last week. Additional upside price objectives that ETH/USD bulls are monitoring include 475.85, 476.32, 478.61, 479.15, and 503.54. Technical support has recently kept ETH/USD bid above the 421.47 area, a previous relative high. Additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Traders are observing that the 50-hour simple moving average has bullishly moved above the 100-hour simple moving average.
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 432.74 and the 50-bar MA (Hourly) at 451.72.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 468.98/ 487.55/ 498.68 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.