Ethereum (ETH/USD) continued to orbit recent areas of technical support following its recent gyrations above and below the psychologically-important 600 figure. Traders have recently taken ETH/USD back below the 600 figure but technical bids have kept the pair’s downside limited with recent support around the 570.89 and 555.39 levels. Traders are curious to see how ETH/USD trades through the holiday period and finishes the calendar year. ETH/USD has recently traded down more than 4% month-to-date, and has traded up more than 425% year-to-date. The pair’s recently-established multi-year high around the 677.05 area has traders focusing on some key retracement levels including the 591.13, 586.41, 568.04, 558.90, 538.51, 523.78, and 504.57 levels.
If ETH/USD resumes recent upward buying pressure, one additional upside price objective includes the 702.42 level. Other levels that are technically significant include a range of upside price objectives above which Stops were elected during the recent appreciation, and these include the 627.83, 638.28, and 652.36 areas. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 587.00 and the 50-bar MA (Hourly) at 606.00.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 679.78/ 702.42/ 750.28 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.