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ETH/USD Bulls May Attack 208.76 Again: Sally Ho's Technical Analysis 7 May 2020 - ETH

ETH/USD Bulls May Attack 208.76 Again: Sally Ho's Technical Analysis 7 May 2020 - ETH

Ethereum (ETH/USD) continued to orbit an important technical level during today’s North American session as the pair moved back above the 206.29 level, an area that represents a downside price objective related to March selling pressure that originated around the 253.01 area.  Some bullish technical indications emerged during the European session when bids emerged above the 202.80 level, representing the 23.6% retracement of the recent depreciation from 227.50 to 195.17Buying pressure intensified around the 203.67 area, representing the 50% retracement of the recent appreciation from 195.17 to 212.17.  Traders were also able to briefly push the pair above the 208.76 area, representing the 23.6% retracement of the recent appreciation from 148.08 to 227.50

Stops were elected last week around multiple important technical levels, including the 213.05, 206.29, 199.16, and 198.09 levels, and traders will pay close attention to these levels when the market revisits them.  Above current price activity, traders will pay very close attention to the 215.15, 219.87, 232.88 and 242.09 areas, additional upside price objectives related to the 90.00 level, with Stops likely to be decent above the 232.88 area.  When ETH/USD comes off, traders will pay close attention to levels including the 187.79, 178.42, and 166.82 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) 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 209.32 and the 50-bar MA (Hourly) at 205.88.

Technical Support is expected around 193.00/ 189.60/ 184.01 with Stops expected below.

Technical Resistance is expected around 227.50/ 232.88/ 242.09 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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