ETH/USD Capped Around 249 and Then Crumbles: Sally Ho's Technical Analysis 24 June 2020 ETH

ETH/USD Capped Around 249 and Then Crumbles: Sally Ho's Technical Analysis 24 June 2020 ETH

Ethereum (ETH/USD) reclaimed some of its lost ground early in today’s North American session as the pair appreciated to the 240.00 figure after trading as low as the 236.55 area during the European session.  Traders began dumping ETH/USD from the 249.04 area during the Asian session, eventually electing Stops below the 243.48, 240.05, and 237.27 levels.  These areas represent the 23.6%, 38.2%, and 50% retracement levels of the recent appreciation from 225.50 to 249.04.  The next downside retracement levels in this appreciating range include the 234.79 and 231.14 areas.  Above the recent market high, traders are eyeing the 247.61 level as another hurdle with some Stops likely in place above.  Significant buying pressure was recently seen that lifted ETH/USD through Stops above the 231.25, 232.61, and 234.29 levels, representing the 50%, 61.8%, and 76.4% retracements of the recent depreciation from 237.00 to 225.50.  Above recent price activity, upside price objectives include the 260.23 and 262.90 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, the appreciation from 90.00 to 227.50, and the appreciation from 196.65 to 253.60

Important technical levels related to those ranges include the 240.16, 231.85, 225.13, 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.  Recently, ETH/USD briefly traded below the 218.40 area, representing the 61.8% retracement of the appreciating range from 196.65 to 253.60.  The next upside price retracement level in this range is the 240.16 level.   Chartists are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 200-bar MA (4-hourly) at 230.65 and the 200-bar MA (Hourly) at 234.03.

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

Technical Resistance is expected around 253.60/ 260.23/ 278.02 with Stops expected above.

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

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

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