ETH/USD BULL RUN SET UP TO THE MOONEthereum (ETH/USD) appreciated early in today’s Asian session as the pair reclaimed some lost ground to the 254.44 area after trading as low as the 236.37 area during yesterday’s North American session. Earlier, the pair had traded as high as the 273.85 level during yesterday’s European session and as high as the 290.00 area during Saturday’s Asian session. Market sentiment has been quite bullish recently following the pair’s strong climb this month above the psychologically-important 200.00 and 250.00 levels to its recent high around the 290.00 area, its strongest print in several months. One of the most pressing questions facing chartists and traders is whether ETH/USD will be able to capitalise on this upside momentum and bullish sentiment and test the psychologically-important 300.00 figure.
Before it can test the 300.00 figure, however, traders must lift the pair through a flurry of potential technical resistance around some upside price objectives. These include the 290.32 and 294.43 areas, both of which correlate to buying pressure that emerged around the 184.29 area following initial bids that emerged around the 116.25 area. Another upside price objective where some technical resistance could mount is the 293.24 area, a level that became technically significant when some initial bids emerged around the 122.15 level followed by later buying pressure around the 175 area. Additional upside price objectives include the 294.30 and 296.15 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 251.07 and the 200-bar MA (Hourly) at 250.46.
Technical Support is expected around 230.27/ 226.38/ 222.73 with Stops expected below.
Technical Resistance is expected around 281.03/ 296.15/ 304.10 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 Bearishly below MACDAverage.
