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Technical Trading Steadies ETH/USD Before Test of 400: Sally Ho's Technical Analysis 13 October 2020 ETH

 
Technical Trading Steadies ETH/USD Before Test of 400:  Sally Ho's Technical Analysis 13 October 2020 ETH
Ethereum / Breaking News / Analytics

Ethereum (ETH/USD) attempted to retain some recovered ground early in today’s North American session as the pair appreciated to the 387.34 area after trading as low as the 378.80 area during the European session, a test of the 50-hour simple moving average.  Notably, ETH/USD encountered some technical resistance around the 61.8% retracement of the depreciating range from 394.55 to 375.19ETH/USD made strong upward moves during yesterday’s North American session and eventually printed as high as the 395.18 level before profit-taking paused the pair’s possible test of the psychologically-important 400 figure.   This print was just above the 23.6% retracement of the broad appreciating range from 90.00 to 488.95.  Traders had earlier taken the pair lower to the 365.77 area during yesterday’s North American session, a test of the 100-hour simple moving average.  Additional upside price retracement levels include the 399.87 and 420.89 areas.  Traders are observing that the 50-bar 4-hourly is bullishly converging with the 200-bar 4-hourly simple moving average.  Traders previously 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 bearishly indicating below the 200-bar MA (4-hourly) and above 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 360.34 and the 50-bar MA (Hourly) at 379.12.

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 Bullishly above MACDAverage.

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

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