Published
3 years ago on
November 06, 2020
Ethereum (ETH/USD) continued its ascent early in today’s North American session as the pair appreciated to the 446.71 area after trading as low as the 413.24 area in the Asian session, with the intraday high being a test of the 446.90 area that represents the 76.4% retracement of the depreciating range from 488.95 to 310.79. Stops were elected above the 418.79, 425.31, and 437.41 areas during the ascent higher, with the 437.41 level representing the 76.4% retracement of the depreciating range from 547.57 to 80.77. Immediate upside price objectives include 450.82, 454.79, 487.55, 498.68, and 517.38. 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 recently bullishly moved above the 100-hour simple moving average.
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 397.15 and the 50-bar MA (Hourly) at 410.19.
Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.
Technical Resistance is expected around 454.79/ 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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