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Bulls Guide ETH/USD Back to 400.00:: Sally Ho's Technical Analysis 6 August 2020 ETH

 
Bulls Guide ETH/USD Back to 400.00:: Sally Ho's Technical Analysis 6 August 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) gained marginal ground early in today’s North American session as the pair strengthened to the 397.80 area after trading as low as the 391.78 area during the Asian session, a test of the 391.32 area that represents the 38.2% retracement of the historical depreciation from 894.00 to 80.60Buying pressure emerged around the 50-bar simple moving average during the Asian and North American sessions, maintaining the pair’s upward bias.  The pair is now orbiting some key technical levels that chartists are monitoring including the 396.69 area, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60.  Earlier this week, the pair encountered buying pressure around the 23.6% retracement of the appreciating range from 268.39 to 415.00Downside retracement levels in this appreciating range include the 373.89, 364.70, 355.50, 344.13, and 342.42 areas.  ETH/USD recently spiked to the 415.00 area, a test of the 418.79 level that represents the 61.8% retracement of the historical depreciation from 627.83 to 80.60.   ETH/USD then quickly plunged to the 325.75 area, right around the 50-bar simple moving average on 4-hourly charts, and just above the 50% retracement of the recent appreciation from 229.77 to 415.00.  Additional upside price objectives include the 425.31, 437.31, and 454.79 areas.  Stops were recently elected above the 336.10, 337.33, 342.29, 350.44, 354.22, 366.48, and 369.26 areas during the move higher

Following the pair’s recent run-up, traders are observing retracement levels around the 373.47, 371.29, 367.84, 360.65, 358.70, 347.82, 344.24, 338.66, 338.30, 331.95, 329.55, 323.87, 322.39, and 315.08 levels.  Last week, bids emerged just above the 314.07 area, a level that represents the 50% retracement of the broad historical depreciation from the 547.54 to 80.60.   A couple of interesting levels that traders will observe during 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.  Likewise, the 312.82, 316.32, and 322.16 levels are areas with important technical significance.  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 367.32 and the 50-bar MA (Hourly) at 393.96.

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

Technical Resistance is expected around 425.31/ 437.31/ 454.79  with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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

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