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ETH/USD Capped by 377.41 Technical Resistance: Sally Ho's Technical Analysis 11 October 2020 ETH

ETH/USD Capped by 377.41 Technical Resistance: Sally Ho's Technical Analysis 11 October 2020 ETH

Ethereum (ETH/USD) weakened marginally early in today’s North American session as the pair depreciated to the 371.17 area after trading as high as the 377.49 area during the European session, a test of the 377.62 area that represents the 76.4% retracement of the depreciating range from 384.61 to 355.00.   The pair ran out of steam at the 380.00 area during yesterday’s North American session, right around the 78.6% retracement of a narrower depreciating range from 384.61 to 363.00.  Traders are also observing that the pair was capped just above the 377.41 area, representing the 76.4% retracement of the recent depreciating range from 380.00 to 369.02.  Additional upside price retracement levels include the 382.56, 384.87, 387.15, 390.41, 394.55, 399.87, and 420.89 areas.  Traders are observing that the 50-bar 4-hourly simple moving average is bullishly converging with the 100-bar 4-hourly simple moving average.  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 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 bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 358.46 and the 50-bar MA (Hourly) at 370.82.

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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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