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243.85 Emerges as Key ETH/USD Technical Level: Sally Ho's Technical Analysis 13 July 2020 ETH

 
243.85 Emerges as Key ETH/USD Technical Level: Sally Ho's Technical Analysis 13 July 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) appreciated early in today’s North American session as the pair traded as high as the 245.37 level after trading as low as the 236.51 area during yesterday’s North American session.  Earlier in yesterday’s North American session, the pair spiked to the 243.90 level before coming off, a level that represents the 61.8% retracement of the recent depreciation from 248.98 to 235.56Stops were eventually elected above this level during today’s European session, with bids later emerging around this level during the North American session.  The next upside levels in this depreciating range include the 245.81 and 246.11 levels.  During the past few trading sessions, the pair has remained above the 236.07 area, representing the 38.2% retracement of the recent appreciation from 215.16 to 249.00.  Also, ETH/USD has remained above the 235.97 level, representing the 61.8% retracement of the depreciation from 248.84 to 215.16. Stops were recently reached below the 242.98 and 239.26 levels, representing the 23.6% and 38.2% retracements of the recent appreciation from 223.50 to 249.00.  Notably, the 249.00 area was also strong resistance for the pair in late June when ETH/USD recovered from its monthly low of 215.16.  The 253.60 area remains another important upside target if traders are able to move above this technical resistance.  Additional technically significant levels include the 247.20 and 242.80 areas, representing the 78.6% and 76.4% retracements of this year’s depreciation from 290.00 to 90.00.  Further above recent price activity, upside price objectives include the 260.23 and 262.90 areas.  Following the pair’s recent movements, potential areas of technical support include the 236.25, 233.24, 229.52, and 228.96 levels

Below current price activity, traders are waiting to see what will happen around the 222.95 area, representing the 23.6% retracement of the recent appreciation from 123.72 to 253.60.  Traders are also eyeing the 221.29, 215.16, 190.93, 186.00, 185.39, and 185.11 levels as area of possible technical support.  Notably, the 214.99 area represents the 23.6% retracement of the appreciation from 90.00 to 253.60Appreciating 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 253.60, 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.  Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-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 239.27 and the 50-bar MA (Hourly) at 240.56.

Technical Support is expected around 223.50/ 215.16/ 191.27 with Stops expected below.

Technical Resistance is expected around 249.04/ 253.60/ 265.01 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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