Ethereum (ETH/USD) gained ground early in today’s North American session as the pair appreciated to the 1819.83 area after trading as low as the 1766.15 area during the European session, with the intraday low just above a previous relative high around the 1763.93 level. The pair peaked around a fresh multi-year high around the 1877.88 level during the Asian session, and chartists observe the North American session high has been around the 50% retracement of the recent depreciating range from 1877.88 to 1766.15. The next upside price objectives in this recent depreciating range include 1835.20, 1851.51, and 1853.97. Many traders are now focused on the psychologically-important 2000 level following the ongoing move higher that has recently seen Stops elected above upside price objectives including the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels. Some of those upside price objectives were technically significant on account of buying pressure that originated around the 148.08, 310.79, 439.77, and 123.72 areas. If ETH/USD is able to extend its upward gains, additional upside price objectives include the 1930.40, 1957.36, 2017.05, and 2080.48 levels.
Following the recent climb of ETH/USD to multi-year highs, traders are carefully watching potential areas of technical support including the 1607.29, 1473.08, 1364.62, 1256.15, 1221.94, and 1101.72 levels. If ETH/USD reverses recent gains and the psychologically-important 1000 figure cannot be held, technical traders will eye additional downside retracement areas including the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, and 895.33 levels. 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 1731.83 and the 50-bar MA (Hourly) at 1806.06.
Technical Support is expected around 1473.08/ 1364.62/ 1256.15 with Stops expected below.
Technical Resistance is expected around 1930.40/ 1957.36/ 2017.05 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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