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ETH/USD Technical Support at 305.98 Spotlights 297.22: Sally Ho's Technical Analysis 28 July 2020 ETH

 
ETH/USD Technical Support at 305.98 Spotlights 297.22:  Sally Ho's Technical Analysis 28 July 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) rebounded in today’s North American session as the pair appreciated to the 320.74 area after profit-taking pushed the pair lower to the 306.29 level, a test of the 305.98 area that represents the 38.2% retracement of the recent appreciating range from 260.10 to 334.34.   Stops were triggered below the 312.46, 310.62, and 309.66 areas, retracement levels related to recent appreciating ranges from the 241.62, 223.85, and 229.77 areas.  Traders were able to push the pair to a fresh 2020 high after Stops were triggered above the 328.56 area, a level related to buying pressure that emerged around the 90.00 area after the pair’s precipitous decline this year.  Related areas of technical significance that traders will continue to observe include the 312.82, 316.32, and 322.16 areas. Additonal upside price objectives include the 336.10, 337.33, 342.29, 350.44, 354.22, 366.48, and 369.26 areas.  A couple of interesting levels that traders will observe on retracements lower include the 301.20 and 301.40 areas, and they are related to buying pressure that emerged around the 241.62 and 319.86 areas.  After crossing the psychologically-important 300.00 figure, technical support is now evident around the 309.66, 294.49, 282.06, and 269.72 levels

If the market fails to sustain its recent move above the 300 area, traders are waiting to see what will happen around areas of technical significance including the 281.81, 275.07, 267.19, 260.83, 254.46, and 246.58 levelsStronger bids are likely in place around the 298.60, 285.45, 274.82, and 264.18 areas. Appreciating ranges that are technically significant include the move from 229.77 to 334.34, the move from 233.85 to 334.34, the move from 241.62 to 334.34, the move from 260.10 to 334.34, and the appreciation from 90.00 to 334.34.  Important technical levels related to those ranges include the 276.68, 269.72, 254.45, and 241.00 areas, 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 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 280.91 and the 50-bar MA (Hourly) at 318.97.

Technical Support is expected around 305.98/ 293.26/ 281.92 with Stops expected below.

Technical Resistance is expected around 349.75/ 354.22/ 366.48  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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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