Ethereum (ETH/USD) came off in today’s North American session as the pair traded as low as the 157.00 area after trading as high as the 161.50 area during today’s Asian session, a level that is right around a recent relative low from earlier this week. Notably, today’s intraday low during the North American session is just above the 166.90 area, representing the 50% retracement of the recent appreciation from 152.30 to 161.50, and the next downside price objectives in this range include the 155.81 and 154.47 areas. Another very important range that traders are watching is the much broader appreciation from 123.72 to 176.82, and the 150.27 area is the next downside price objective in that range.
Another very important level that traders are watching is the 159.62 level, an upside price objective related to buying pressure that emerged around the 90.00 level in March. Recent selling pressure around this level during today’s European session suggests there could be some short-term market weakness ahead, with the 153.22 level as another possible target in the near-term. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 161.67, 164.56, 167.45, and 171.03 levels. Below current price activity, downside price objectives include the 150.27, 149.31, and 144.00 levels. Chartists are observing that the 50-bar MA (4-hourly) bullishly remains above the 100-bar MA (4-hourly), and that the 50-bar MA (hourly) is bearishly bearishly below the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 157.67 and the 200-bar MA (Hourly) at 157.73.
Technical Support is expected around 153.22/ 149.31/ 146.77 with Stops expected below.
Technical Resistance is expected around 161.67/ 164.56/ 167.45 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
