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ETH/USD Gobbles Stops Above 242.09 En Route to Multi-Week Highs: Sally Ho's Technical Analysis 31 May 2020 ETH

 
ETH/USD Gobbles Stops Above 242.09 En Route to Multi-Week Highs: Sally Ho's Technical Analysis 31 May 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) consolidated some recent gains during today’s North American session as the pair came off to the 235.56 area after trading as high as the 247.36 area during today’s Asian session.  Stops were elected above the 242.09 area during the pair’s ascent to fresh multi-week highs, an upside price objective relating to buying pressure that originated around the 90.00 level in March.  Above current price activity, upside price objectives include the 251.22, 251.87, 260.23, and 262.90 areas. Last week, Stops were elected above the 216.99 and 227.50 areas and traders will pay close attention to how price activity reacts around these areas.  Appreciating ranges that are technically significant include the move from 148.08 to 227.50, the move from 123.72 to 227.50, the move from 176.43 to 216.99, and the appreciation from 90.00 to 227.50.

Important technical levels related to those ranges include the 208.76, 203.01, 197.16, 195.10, 187.79, and 175.02 levels, and traders are very interested to observe how price activity reacts around these levels. Below current market activity, traders continue to monitor the 196.56 and 177.39 levels as downside price targets, both of which relate to selling pressure that emerged around the 253.01 area in early March.  Additional downside areas of potential technical support include the 190.93, 186.00, 185.39, and 185.11 areas.  Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 213.56 and the 50-bar MA (Hourly) at 231.85.

Technical Support is expected around 213.66/ 206.29/ 191.27 with Stops expected below.

Technical Resistance is expected around 251.22/ 253.01/ 260.23 with Stops expected above.

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

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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