ETH/USD Grabs Stops Above 418.79 and 425.31: Sally Ho's Technical Analysis 14 August 2020 ETH

Ethereum (ETH/USD) was bid higher early in today’s North American session as the pair appreciated to the 429.00 area level after trading as low as the 394.17 area earlier in the Asian session. Traders boosted ETH/USD during the Asian session, electing Stops above the 418.79 and 425.31 areas en route to a fresh 2020 high around the 432.94 area.  Traders are waiting to see if the buying pressure around these significant technical levels will be enough to result in ETH/USD sustaining its move above the 400.00 figure.  The 392.00 area is an area that is of technical significance, representing the 23.6% retracement of the recent appreciation from 362.88 to 401.00.  Additional downside price retracement levels in this range include the 386.44, 381.94, 377.44, and 371.88 areas.  The 396.69 area remains an important technical level, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60.  Stops were recently triggered below the 380.40 area, representing the 23.6% retracement of the appreciating range from 268.39 to 415.00, and stopped just short of testing the 374.08 and 372.25 levels, key retracement levels related to buying activity that emerged around the 241.62 and 233.85 levels.  Following the pair’s recent run-up, important technical levels include the 376.58, 374.08, 372.25, 366.88, 358.99, 348.77, 345.80, 345.16, 341.70, and 328.31 areas.  Recently, the pair has encountered buying pressure around the 23.6% retracement of the appreciating range from 268.39 to 415.00.  Downside 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.   Additional upside price objectives include the 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.  Recently, 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 390.80 and the 200-bar MA (Hourly) at 390.43.

Technical Support is expected around 349.75/ 331.95/ 315.08 with Stops expected below.

Technical Resistance is expected around 437.31/ 454.79/ 487.55  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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.