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ETH/USD to Eclipse 176.82? Sally Ho's Technical Analysis 16 April 2020 ETH

ETH/USD to Eclipse 176.82?  Sally Ho's Technical Analysis 16 April 2020 ETH

Ethereum (ETH/USD) appreciated in today’s North American session as the pair sought to extend recent gains that saw the pair pushed as high as the 174.80 area, following massive buying pressure during today’s Asian and European sessions.  Selling pressure emerged during yesterday’s North American session around the 161.50 level, and after a brief pop higher to the 158.33 area on a retracement, the downturn intensified with the market trading as low as the 148.08 area.  Chartists are observing that this low was right around the 148.05 level, the 38.2% retracement of October’s depreciation from the 199.50 level to the 116.25 area.  Traders are curious to see how price activity will react around the 154.57 and 149.31 levels, representing the 61.8% and 76.4% retracements of the appreciation from 140.81 to 176.82.  Another important range that traders are monitoring is the appreciation from 123.82 to 176.72, with the 150.27 level representing the 50% retracement and the 144.00 level representing the 61.8% retracement

Chartists are also observing that ETH/USD needs to make a decisive break above the 168.14 level before it can make a run at some of the recent highs established in early April.  Notably, the 161.62 area is also technically significant because it represents a downside price objective related to the 252.99 area that traded in early March.  Another very important level that traders are watching is the 159.62 level, an upside price objective related to buying pressure that emerged around the 90.00 level in March.   If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 176.82, 177.39, and 196.54 levelsBelow current price activity, downside price objectives include the 144.00, 140.81, and 136.25 levels.   Chartists are observing that the 50-bar MA (4-hourly) bullishly continues to indicate above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) just bullishly crossed above the 100-bar MA (hourly), and both continue to indicate below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 160.82 and the 200-bar MA (Hourly) at 160.94.

Technical Support is expected around 153.22/ 149.31/ 146.77 with Stops expected below.

Technical Resistance is expected around 176.82/ 177.39/ 196.54 with Stops expected above.

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

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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