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ETH/USD Volatile in Technical Trading Action: Sally Ho's Technical Analysis 5 November 2021 ETH

ETH/USD Volatile in Technical Trading Action:  Sally Ho's Technical Analysis 5 November 2021 ETH

Ethereum (ETH/USD) pulled back early in today’s North American session as the pair weakened to the 1005.47 area after trading as high as the 1056.14 area during the European session, right around the 50% retracement of the recent depreciating range from 1136.93 to 975.00.  During the Asian session, ETH/USD traded at an intraday high around the 1136.93 area before slumping to an intraday low around the 975 level, a test of the 61.8% retracement of the recent appreciating range from 886.33 to 1136.93ETH/USD recently rocketed higher to the 1168.99 area, a fresh multi-year high that was established after Stops were elected above upside price objectives including 976.68, 1013.45, 1043.34, 1072.78, 1086.45, 1133.44, and 1150.21.  Notably, the recent relative high of 1168.99 represented a test of another upside price objective, the 1163.93 area that became technically significant based on upside buying pressure that emerged around the 370.50 area in 2020Strong Stops were recently elected above the 819.23, 877.81, and 879.23 levels during the sharp ascent, upside price objectives related to previous buying activity around the 625.01 and 530.32 areas.  Additional upside price objectives include the 1239.06, 1381.03, 1439.98, 1582.86, and 1665.31 areas. 

Traders also note that sizable Stops were elected during the move higher above the 1103.87 area, a level that represents the 76.4% retracement of a historical depreciating range from 1419.96 to 80.60Additional significant Stops were recently elected above the 615.19, 637.79, 668.87, 679.78, and 698.88 area during the march to successive multi-year highs, and traders are curious to see how supportive those levels become during pullbacks lower.  Following the pair’s recent moves to successive multi-year highs, downside retracement levels and areas of potential technical support include the 863.97, 842.00, 828.97, 787.22, 750.28, and 718.33 levelsETH/USD gained approximately 21% month-to-date in December, and closed 2020 with approximately a 450% gain.  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 811.92 and the 50-bar MA (Hourly) at 1004.69.

Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.

Technical Resistance is expected around 1239.06/ 1381.03/ 1439.98 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.

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