ETH/USD in Tight Range with 366.31 Focus: Sally Ho's Technical Analysis 17 October 2020 ETH

Ethereum (ETH/USD) was confined to a tight range early in today’s North American session as the pair depreciated to the 365.62 area after trading as high as the 370.27 area during the Asian session.  The pair had earlier traded as low as the 363.56 area during the Asian session before climbing back to the 369.40 area.  Chartists are observing that the 366.31 and 368.10 areas remains an important technical level for ETH/USD, with significant price activity around that area.  Some Stops were elected below the 369.02 and 365.77 areas during the recent move lower, levels that represent recent relative lows.  Traders encountered technical resistance around the 371.89 area during a subsequent rebound, representing the 38.2% retracement of the recent depreciating range from 387.63 to 361.38.  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 200-hour simple moving average is bearishly converging with the 100-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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 361.33 and the 50-bar MA (Hourly) at 370.69.

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.