ETH/USD LONG SET UP

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ETH/USD moved higher to the 206.28 level during yesterday’s North American session, a shallow retracement higher that was well below the 38.2% retracement of the move from 253.01 to 189.85. Many Stops were triggered during this recent bout of elevated market volatility that drove ETH/USD to its weakest level since 6 February. Stops were reached below the 226.69, 225.26, 220.00, 214.17, 211.50, and 209.75 areas during the pair’s quick decline, and this acute depreciation opens up the 195.34 and 175.80 areas. ETH/USD bears are also eyeing the 151.62 level as a downside price objective, but before the market tests this area it would first need to get through some longer-term technical support levels including the 177.85, 174.83, 165.25, 163.31, and 157.30 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 223.17 and the 50-bar MA (Hourly) at 201.40.

Technical Support is expected around 189.85/ 182.62/ 167.17 with Stops expected below.

Technical Resistance is expected around 209.75/ 221.60/ 227.60 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.