Ethereum (ETH/USD) searched for fresh technical clues following moves that suggest traders may take another run at establishing fresh multi-year highs. Traders have recently taken ETH/USD back below the psychologically-important 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.