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ETH/USD Bursts Higher Above 500 to 2-year High: Sally Ho's Technical Analysis 20 November 2020 ETH

ETH/USD Bursts Higher Above 500 to 2-year High:  Sally Ho's Technical Analysis 20 November 2020 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 510.50 area after trading as low as the 469.29 area in the Asian session, a test of the 100-hour simple moving average and the 50-bar 4-hourly simple moving average.  Chartists are observing that the intraday high represents ETH/USD’s strongest print since June 2018, and it opens up a range of upside price objectivesSignificant Stops were elected above the 503.54, 508.69, and 510.22 levels, and some of the next upside price objectives include the 519.16, 521.13, and 524.87 levels.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12.

During a recent pullback lower, Stops were elected below the 404.79, 400.48, 396.99, 393.50, 389.19, and 388.54 areas, retracement areas related to the recent appreciating range from 382.21 to 411.77.  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 downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  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 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 469.67 and the 50-bar MA (Hourly) at 480.32.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 519.16/ 521.13/ 524.87 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 Bullishly above MACDAverage.

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