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ETH/USD Continues to Orbit 233.24: Sally Ho's Technical Analysis 17 July 2020 ETH

ETH/USD Continues to Orbit 233.24: Sally Ho's Technical Analysis 17 July 2020 ETH

Ethereum (ETH/USD) remained pressured early in today’s North American session as the pair traded as low as the 231.71 level after trading as low as the 229.77 area during yesterday’s European session.  Traders lifted the pair to the 234.55 area earlier in the North American session, but the pair was unable to sustain intraday gains.  The 233.24 level remains a very important technical level that ETH/USD continues to orbit, representing the 61.8% retracement of the recent appreciation from 223.50 to 249.00.  Also, this area is right around the 50% retracement of the recent appreciation from 217.62 to 249.04 in June.  Some technical resistance is expected above current price activity around the 233.45, 234.47, 235.73, 236.94, 237.33, 237.57, 239.12, 239.41, and 241.69 areas.  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. 

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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 235.54 and the 50-bar MA (Hourly) at 234.45.

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 Bearishly below MACDAverage.

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

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