Ethereum (ETH/USD) recovered some lost ground in today’s North American session as the pair appreciated to the 535.36 area after trading as low as the 511.16 area in the European session, not too far above the 509.28 area that represents the 38.2% retracement of the recent appreciating range from 423.00 to 562.61. Chartists are noting that ETH/USD peaked around the 562.61 area during the Asian session, a fresh multi-year high that was reached after Stops were elected above the 561.38 area, an upside price objective related to buying pressure that emerged around the 116.25 area earlier this year. Stops were recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops above the 503.54, 508.69, and 510.22 levels. Some of the next upside price objectives include the 575.12, 615.19, and 637.79 levels. During pullbacks lower, traders are 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. Some additional 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 484.73 and the 50-bar MA (Hourly) at 526.50.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 562.61/ 575.12/ 615.19 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.