ETH/USD Begins July With Renewed Focus on 228.03: Sally Ho's Technical Analysis 1 July 2020 ETH

Ethereum (ETH/USD) saw some weakness early in today’s North American session as the pair depreciated to the 226.77 level after failing to sustain a move to the 228.84 level during the European session, just above the 78.6% retracement of the recent depreciation from 229.98 to 222.93.  Another short-term range that traders are monitoring is the appreciation from 215.16 to 229.98.  Technical support has recently emerged above the 222.57 and 224.32 levels during a couple of pullbacks lower, representing the 50% and 38.2% retracements of this appreciating range.  Traders observe that the 228.70 area is technically significant as it represents the 23.6% retracement of the recent appreciation from 148.08 to 253.60.  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 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 229.55 and the 50-bar MA (Hourly) at 225.95.

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

Technical Resistance is expected around 238.05/ 243.85/ 253.60 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.