Published
3 years ago on
November 14, 2020
Ethereum (ETH/USD) moved higher early in today’s North American session as the pair appreciated to the 462.50 area after trading as low as the 453.81 area earlier in the European session, right around the 76.4% retracement of the depreciating range from 460.00 to 433.83, and just below the 200-hour simple moving average. The pair traded as high as the 478.31 area during the Asian session, just short of a new 2020 high and a level right around the 478.61 area, an upside price objective related to the buying pressure from earlier this year around the 184.29 area. Stops were recently elected above the 470.96 and 471.51 areas during the climb higher, representing the 76.4% and 78.6% retracements of the recent depreciating range. Additional upside price objectives that ETH/USD bulls are monitoring include 475.85, 476.32, 478.61, 479.15, and 503.54. 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 455.94 and the 100-bar MA (Hourly) at 462.34.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 487.55/ 498.68/ 503.54 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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