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ETH/USD tests 138.00 area: Sally Ho's Technical Analysis 23 March 2020

 
ETH/USD tests 138.00 area:  Sally Ho's Technical Analysis 23 March 2020
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) gained ground early in today’s North American session as the pair traded as high as the 138.00 level after trading as low as the 119.20 level during today’s Asian session.  Traders pushed the pair to intraday highs after Stops were elected above the 134.76, 135.99, and 137.65 areas.   One range that traders are closely monitoring is the recent depreciation from the 154.00 area to the 115.51 level.  The 134.76 level represents the 50% retracement of this range, and traders will carefully observe if this level becomes technical support or technical resistance.  Another similar level that ETH/USD continues to orbit is the 133.03 level, an upside price objective related to recent upward buying pressure around the 90.00 area.

 Trading activity this month has seen the market open March around the 218 level, climb to the 253 area, sharply depreciate to the 90.00 area, reclaim lost ground to the 154.00 area, and then depreciate to the 115.51 levelStops were elected above the 130.67 and 133.40 levels during the pair’s ascent late last week, eventually testing the 154.00 area, right around the 154.03 area that represents a downside price objective related to selling pressure that commenced around the 253.01 level on 7 March.  During the pullback during Friday’s North American session, several Stops were triggered below many important short-term downside price objectives including the 135.99, 131.74, 127.54, 126.48, 119.36, and 117.98 levels. Upside price objectives include the 140.24, 143.19, 144.03, and 153.22 levelsDownside price objectives include the 116.59, 115.50, and 111.18 areas.

Price activity is nearest the 50-bar MA (4-hourly) at 124.85 and the 100-bar MA (Hourly) at 132.47.

Technical Support is expected around 119.84/ 115.51/ 110.18 with Stops expected below.

Technical Resistance is expected around 153.22/ 156.77/ 159.62 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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