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ETH/USD's Test of 247.61 Was Bullish: Sally Ho's Technical Analysis 5 June 2020 ETH

 
ETH/USD's Test of 247.61 Was Bullish:  Sally Ho's Technical Analysis 5 June 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) extended its recent orbit around the key 242.09 level during today’s North American session as the pair traded as high as the 247.90 area during today’s European session before coming off to the 240.90 area.  Notably, today’s intraday high was just above the 247.61 area, representing the 78.6% retracement of the recent depreciation from 253.60 to 225.60.  Notably, the 242.09 area represents an upside price objective related to buying pressure that emerged around the 90.00 area in March, and the 242.90 level represents the 61.8% retracement of the recent depreciating range from 253.60.  A series of Stops were elected during the pair’s recent descent, including below the 240.16, 238.89, 231.85, 229.79, and 228.70 levels.  Above recent price activity, upside price objectives include the 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 235.36 and the 50-bar MA (Hourly) at 242.91.

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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