ETH/USD Grabs Stops Above 470.06: Sally Ho’s Technical Analysis 17 November 2020 ETH
Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 472.55 area after trading as low as the 457.35 area earlier in the Asian session, just below the 200-hour simple moving average. Stops were elected above the 469.21 and 470.06 areas during ETH/USD’s move higher today, representing the 76.4% and 78.6% retracements of the depreciating range from 478.31 to 439.77. Chartists paid close attention to the pair’s trading activity around the 456.55 and 461.31 areas, upside price objectives related to buying pressure that emerged months ago around the 142.10 and 125.52 areas. Additional upside price objectives that ETH/USD bulls are monitoring include 475.85, 476.32, 478.61, 479.15, and 503.54. Some 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 459.58 and the 100-bar MA (Hourly) at 461.26.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.