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ETH/USD Soars to Multi-Week Highs: Sally Ho's Technical Analysis 30 May 2020 ETH

ETH/USD Soars to Multi-Week Highs: Sally Ho's Technical Analysis 30 May 2020 ETH

Ethereum (ETH/USD) was lifted higher during today’s North American session as the pair advanced to the 237.96 area after finding technical support around the 218.33 area during today’s Asian session.  Stops were lifted above the 232.88 area, an upside price objective related to buying pressure that originated around the 90.00 area in March.  Above current price activity, upside price objectives include the 242.09, 251.22, 251.87, 260.23, and 262.90 areas. Earlier this week, Stops were elected above the 207.42 area, representing the 23.6% retracement of the appreciation from 176.43 to 216.99.  The 201.50 and 196.71 areas represent the 38.2% and 50% retracements of this range, and ETH/USD bulls observed the market deriving some technical support from these levels.  Additional appreciating ranges that are technically significant include the move from 148.08 to 227.50, the move from 123.72 to 227.50, 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 209.73 and the 50-bar MA (Hourly) at 222.00.

Technical Support is expected around 191.27/ 185.39/ 177.39 with Stops expected below.

Technical Resistance is expected around 242.09/ 251.22/ 260.23 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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