Published
3 years ago on
July 19, 2020
Ethereum (ETH/USD) weakened early in today’s North American session as the pair traded as low as the 233.32 level after trading as high as the 236.97 area during yesterday’s North American session. Traders pushed the pair as low as the 233.31 area during the European session before ETH/USD temporarily recovered to the 234.92 level, short of testing the 237.57 area that represents the 50% retracement of the earlier depreciation from 245.37 to 229.77. Notably, the 233.24 area represents 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. The next downside retracement levels in the appreciating range from 229.77 to 236.07 include the 232.52, 231.47, and 231.31 levels. Some technical resistance is expected above current price activity around the 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 253.60. 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 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 200-bar MA (4-hourly) at 233.51 and the 50-bar MA (Hourly) at 234.14.
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 Bearishl below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
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