Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair moved higher to the 774 area after trading as low as the 715.22 area during the Asian session, with the intraday high representing a fresh multi-year high and the intraday low a test of the 23.6% retracement of the appreciating range from 625.01 to 745. Stops were elected above the 759 area during the ascent, a recent relative multi-year high. Upside price objectives include the 819.23, 879.23, 910.42, 939.22, and 985.15 areas. Chartists observe that technical support has also recently emerged around the 717.00 area, right around the 50% retracement of the recent depreciating range from 747.00 to 688.00.
Significant Stops were recently elected above the 615.19, 637.79, 668.87, 679.78, and 698.88 area during the march to successive multi-year highs. Following the pair’s recent moves to successive multi-year highs, downside retracement levels and areas of potential technical support include the 745.94, 733.81, 721.48, 699.32, 688.99, and 685.01 levels. ETH/USD gained approximately 21% month-to-date in December, and closed 2020 with approximately a 450% gain. 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 704.41 and the 50-bar MA (Hourly) at 730.28.
Technical Support is expected around 699.32/ 612.33/ 530.32 with Stops expected below.
Technical Resistance is expected around 774.00/ 819.23/ 877.71 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.