Ethereum (ETH/USD) scored massive gains early in today’s North American session as the pair rocketed higher to the 888.88 area after trading as low as the 752.17 area during the Asian session, with the intraday high representing a fresh multi-year high. Strong Stops were elected above the 819.23, 877.81, and 879.23 levels during the sharp ascent, upside price objectives related to previous buying activity around the 625.01 and 530.32 areas. Additional upside price objectives include the 910.42, 933.83, 939.22, 976.68, and 985.15 areas. Technical trading was evident this weekend during a pullback when buying pressure emerged around the 752.17 area, right around the 50% retracement of the recent appreciating range from 715.22 to 789.21.
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 809.25, 792.40, 782.89, 766.54, 751.91, and 729.88 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 726.74 and the 50-bar MA (Hourly) at 765.74.
Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.
Technical Resistance is expected around 888.88/ 910.42/ 933.83 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.