ETH/USD Tests 50-hour Simple Moving Average on Pullback: Sally Ho's Technical Analysis 7 October 2020 ETH

Ethereum (ETH/USD) weakened early in today’s North American session as the pair depreciated to the 439.32 area after trading as high as the 468.98 area in the Asian session. Stops were elected above the 454.79 area during the climb, representing the 50% retracement of a historical depreciating range from 828.97 to 80.60.  After establishing fresh multi-month highs, ETH/USD came off and bears elected stops below retracement levels including 451.86, 447.19, 445.84, and 441.27.  Additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Traders are observing that the 100-bar 4-hourly simple moving average has bearishly moved above the 50-bar 4-hourly simple moving average.  Also, traders are observing that today’s intraday low was just below the 50-hour simple moving average.

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.  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 402.10 and the 50-bar MA (Hourly) at 411.52.

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

Technical Resistance is expected around 468.98/ 487.55/ 498.68 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.