ETH/USD Tests 476.32 Upside Objective: Sally Ho’s Technical Analysis 12 November 2020 ETH
Ethereum (ETH/USD) regained some lost ground early in today’s North American session as the pair appreciated to the 463.04 area after trading as low as the 456.25 area earlier in the North American session. Traders took ETH/USD lower to the 452.07 area during the Asian session, representing a test of the 100-hour simple moving average and the 23.6% retracement of the appreciating range from 423.00 to 460.57. Traders are also observing that ETH/USD remains bid above the 451.71 area, representing the 23.6% retracement of the appreciating range from 370.50 to 476.80, and that the next downside retracement levels in this range include the 436.19, 423.65, and 411.11 areas. Additional upside price objectives that ETH/USD bulls are monitoring include 475.85, 476.32, 478.61, 479.15, and 503.54. Technical support has recently kept ETH/USD bid above the 421.47 area, a previous relative high. 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 50-hour simple moving average has bullishly moved above the 100-hour simple moving average.
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 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 442.46 and the 50-bar MA (Hourly) at 459.44.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.