Published
3 years ago on
September 08, 2020
Ethereum (ETH/USD) extended recent losses early in today’s North American session as the pair depreciated to the 330.83 area after trading as high as the 357.01 area during the Asian session, stopping short of testing the 360.61 area that was reached earlier this week after the abrupt decline to 310.79. Traders also observe that the move higher stopped short of testing the 100-hour simple moving average. The depreciation earlier today tested the 329.82 area, representing the 61.8% retracement level of the appreciating range from 310.79 to 360.61. Recently, Stops were elected below the 348.85, 341.58, and 335.70 areas during the move lower, representing the 23.6%, 38.2%, and 50% retracements of this appreciating range. Additional downside retracement levels related to this appreciating range include the 329.82 and 322.55 areas. The 328.78, 319.75, and 311.90 areas are important technical areas that traders are monitoring, as are the 302.20, 293.56, 289.64, 285.23, and 279.77 levels. Technical trading was recently evident when the pair failed to sustain a break of the 444.08 area, representing the 23.6% retracement of the recent appreciation from 371.50 to 488.95. Stops were then elected below the 430.23 and 416.37 areas during the downturn, representing the 50% and 61.8% retracements of the appreciating range. Traders recently drove the pair as high as the 488.95 area after some Stops were elected above the 487.55 area, its first test of the psychologically-important 500.00 figure since July 2018. Stops were recently elected above the 474.59 area, an upside price objective that represents the 50% retracement of the historical depreciation from 828.97 to 80.60. Additional upside price objectives include the 498.68, 516.03, 517.38, 531.80, and 543.09 areas.
Stops have recently been elected below the 394.80, 389.94, 384.36, 376.07, 369.57, 359.36, and 345.38 areas during the pair’s recent depreciation from the 488.95 area, and traders are curious to see if these levels provide any technical resistance during retracements higher. The 396.69 area remains an important technical level, representing the 23.6% retracement of the historical depreciation from 1419.96 to 80.60, and trader are curious to see if ETH/USD can reclaim this level. Following the pair’s recent appreciation, some additional important technical levels include the 416.00, 409.64, 389.91, 383.02, 374.83, and 359.36 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-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 394.20 and the 50-bar MA (Hourly) at 346.11.
Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.
Technical Resistance is expected around 370.58/ 393.20/ 411.48 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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