Ethereum (ETH/USD) weakened early in today’s North American session as the pair moved lower to the 721.00 area after trading as high as the 746.86 area during the Asian session, just below the 747.00 area that was established as a fresh multi-year high days ago. Notably, this multi-year high was also a test of an upside price objective around the 745.94 area related to buying pressure that emerged around the 480.08 area earlier this year. During the pullback lower, buying pressure emerged at the 717.00 area during the European session, right around the 50% retracement of the recent depreciating range from 747.00 to 688.00. Additional downside retracement levels in this depreciating range include the 710.54 and 701.92 areas. Chartists are observing that ETH/USD continues to orbit and sometimes trade below the 50-hour simple moving average.
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. Additional upside price objectives include the 819.23, 879.23, 910.42, 939.22, and 985.15 areas. Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 710.09, 694.34, 672.97, 656.62, 628.40, and 601.94 levels. ETH/USD has recently traded up more than 5% month-to-date, and traded up more than 450% year-to-date. 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 653.40 and the 50-bar MA (Hourly) at 726.02.
Technical Support is expected around 699.32/ 612.33/ 530.32 with Stops expected below.
Technical Resistance is expected around 747.00/ 819.23/ 877.71 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.
