Published
3 years ago on
September 10, 2020
Ethereum (ETH/USD) gained ground early in today’s North American session as the pair appreciated to the 377.07 area after trading as low as the 350.08 area during the Asian session, a test of the 378.85 area that represents the 38.2% retracement of the recent depreciation from 488.95 to 310.79. Bids emerged during the European session around and just below the 362.88 area, a previous support level related to the pair’s run higher to the 401.00 area weeks ago. Additional upside retracement levels in this depreciating range include the 399.87, 420.89, and 446.90 areas. The pair is also now trading above the 50-bar, 4-hourly simple moving average and 200-hour simple moving average. 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 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 369.21 and the 200-bar MA (Hourly) at 371.18.
Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.
Technical Resistance is expected around 393.20/ 411.48/ 420.89 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 Bullishly above MACDAverage.
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