ETH/USD Bid After Technical Support at 376.45: Sally Ho's Technical Analysis 21 October 2020 ETH

Ethereum (ETH/USD) was bid higher early in today’s North American session as the pair appreciated to the 381.49 area after trading as low as the 376.44 area during the European session, right around the 50% retracement of the recent depreciating range from 379.94 to 372.95.  Traders lifted the pair from the 364.04 area to the 382.95 level during the Asian session.  The technical significance of the 384.36 area was reasserted during yesterday’s North American session when it provided technical resistance as an area that represents the 38.2% retracement of the broader appreciating range from 215.16 to 488.95.  Chartists are observing that bids emerged today above the 376.07 area during a pullback, a level that represents the 61.8% retracement of the appreciating range from 306.29 to 488.95.  Another depreciating range that traders are watching is the move from 395.18 to 374.29, with the 384.74, 387.20, 390.25, and 390.71 levels as upside retracement levels.  Trading activity previously was orbiting the 378.85 area, representing the 38.2% retracement of the broader depreciating range from 488.95 to 310.79.  Additional upside price retracement levels include the 399.87 and 420.89 areas.  Traders are observing that the 50-hour simple moving average has again bullishly moved above the 200-hour simple moving average.  Traders recently had taken 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 traders 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 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 374.91 and the 50-bar MA (Hourly) at 376.31.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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