ETH/USD Bids at 409.45 Maintain Upside Pressure: Sally Ho's Technical Analysis 23 October 2020 ETH

Ethereum (ETH/USD) gave back some recent gains early in today’s North American session as the pair depreciated to the 415.70 area after trading as high as the 421.47 area during the Asian session.  Buying pressure emerged during the Asian and European sessions around the 412.43 area, a level that represents the 23.6% retracement of the recent depreciation from 421.47 to 409.64.  Some minor Stops were then elected above the 418.68 and 418.94 areas during the ascent, representing the 76.4% and 78.6% retracements of the same depreciating range.  Chartists observed that during the pair’s pullback from multi-month highs during the Asian session, bids emerged just above the 409.45 area, a level that represents the 38.2% retracement of the recent appreciating range from 390.00 to 421.47.  Stops were recently elected above the 378.85 and 399.87 levels during the pair’s ascent, representing the 38.2% and 50% retracements of the recent depreciating range from 488.95 to 310.79. 

Additional upside retracement levels related to the depreciating range include 420.89 and 446.90.    Additional upside price objectives include 425.31, 427.78, and 437.41.  Following ETH/USD’s run-up, traders are paying close attention to the 403.11, 395.14, 388.69, 382.84, and 374.27 levels as areas of potential technical support.  Additional areas of potential upside pressure include the 393.37, 379.37, and 368.05 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 maintain this level.  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 381.95 and the 50-bar MA (Hourly) at 405.11.

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

Technical Resistance is expected around 421.47/ 437.41/ 454.79 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.