Hot Topics

Advertisement

Advertisement

Can ETH/USD Hold Technical Support Around 335.70? Sally Ho's Technical Analysis 22 September 2020 ETH

 
Can ETH/USD Hold Technical Support Around 335.70? Sally Ho's Technical Analysis 22 September 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) continued to trade sideways early in today’s North American session as the pair appreciated to the 344.52 area after trading as low as the 335.57 area during the European session, right around the 50% retracement of the recent appreciation from 310.79 to 360.61.  Thereafter, ETH/USD has orbited the 341.58 area, representing the 38.2% retracement of the same appreciating range.  Some larger Stops were recently elected below the 366.31 area, a level that represents the 38.2% retracement of the recent depreciating range from 384.61 to 355.00.  Chartists are observing that the 200-bar 4-hourly simple moving average has bearishly crossed above the 100-bar 4-hourly simple moving average and 50-bar 4-hourly simple moving average.   Stops were recently elected above the 387.15 area during the move higher, representing the 61.8% retracement of the recent depreciating range from 394.55 to 375.19, and the next upside retracement level in this range is the 389.98 area.  Traders recently took the pair as high as the 394.55 area, and selling pressure prevented a test of the 399.87 area, representing the 50% retracement of the recent depreciating range from 488.95 to 310.79.  The next upside retracement levels in this range include the 420.89 and 446.90 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

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 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 how price activity reacts around these levels.  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 belowthe 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 364.63 and the 50-bar MA (Hourly) at 354.23.

Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.

Technical Resistance is expected around 399.87/ 411.48/ 420.89 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

You can share this post!

Advertisement