ETH/USD Tests 413.85 Technical Resistance: Sally Ho's Technical Analysis 5 November 2020 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 410.66 area after trading as low as the 396.43 area in the European session, right around the 76.4% retracement of the depreciating range from 404.57 to 370.50.  Similarly, the intraday high was right around the 76.4% retracement of the broader depreciating range from 421.47 to 373.40.  Stops were elected above the 407.92, 409.45, and 410.23 areas during the ascent, and stopped short of testing the 411.49 level that represents the 50% retracement of the depreciating range from 421.47 to 401.51.  Immediate upside price objectives above current market activity include 410.80, 411.49, 412.20, 413.07, 413.85, 414.04, 416.54, 416.76, 417.20, and 417.86.  Traders are paying attention to the recent appreciating range from 332.87 to 421.47, and are observing that the next downside retracement levels in the appreciating range include 366.72, 353.78, and 351.83.    During the 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.  Traders are also observing that the 50-hour simple moving average has bullishly moved above the 100-hour simple moving average. 

Additional upside price objectives include 420.89, 425.31, 427.78, 437.41, and 446.90.  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 upside pressure 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 bearishly indicating below 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 100-bar MA (4-hourly) at 394.30 and the 50-bar MA (Hourly) at 392.48.

Technical Support is expected around 315.08/ 302.20/ 279.77 with Stops expected below.

Technical Resistance is expected around 421.47/ 437.41/ 454.79 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.