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Technical Bids at 332.87 Support ETH/USD: Sally Ho's Technical Analysis 7 October 2020 ETH

Technical Bids at 332.87 Support ETH/USD:  Sally Ho's Technical Analysis 7 October 2020 ETH

Ethereum (ETH/USD) moved higher in today’s North American session as the pair appreciated to the 342.83 area after trading as low as the 332.87 area during the Asian session, right around the 50% retracement of the recent appreciation from 313.00 to 353.14.   Traders tested the 343.03 area, representing a test of the 78.6% retracement of the recent appreciating range from 337.63 to 362.86.  Additional downside retracement levels include the 342.57, 342.06, 340.20, 339.37, 338.88, and 337.90 areas.  Traders are observing that the 50-bar 4-hourly simple moving average has recently bullishly crossed above 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 above the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 348.88 and the 50-bar MA (Hourly) at 345.19.

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 Bearishly below MACDAverage.

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

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