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ETH/USD Bears Testing 347.27 Technical Support: Sally Ho’s Technical Analysis 27 September 2020 ETH

Ethereum (ETH/USD) pulled back early in today’s North American session as the pair depreciated to the 350.14 area after trading as high as the 362.86 area during the Asian session, just above the 362.38 area that represents the 23.6% retracement of the recent depreciating range from 390.41 to 353.72.  Traders are also observing that this intraday high was just below the 100-bar 4-hourly simple moving average. Some Stops were elected during the North American session below the 350.25 area, representing the 50% retracement of the recent appreciating range from 337.63 to 362.86.  Notably, the 350.00 figure also represents the 76.4% retracement of the recent appreciating range from 346.03 to 362.86.  Chartists are observing that the 50-hour simple moving average appears to be bullishly converging with the 200-hour simple moving average.  Stops were recently elected above the 387.15 area during the move higher, representing the 61.8% retracement of the recent depreciating range from 394.55 to 375.19, and the next upside retracement level in this range is the 389.98 area.  Traders recently took the pair as high as the 394.55 area, and selling pressure prevented a test of the 399.87 area, representing the 50% retracement of the recent depreciating range from 488.95 to 310.79.  The next upside retracement levels in this range include the 420.89 and 446.90 areas.  The 328.78319.75, and 311.90 areas are important technical areas that traders are monitoring, as are the 302.20293.56289.64285.23, and 279.77 levels

Traders recently drove the pair as high as the 488.95 area after some Stops were elected above the 487.55 area, its first test of the psychologically-important 500.00 figure since July 2018.   Stops have recently been elected below the 394.80389.94384.36376.07369.57359.36, and 345.38 areas during the pair’s recent depreciation from the 488.95 area, and traders are curious to see how price activity reacts around these levels.  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 trader are curious to see if ETH/USD can reclaim this level.  Following the pair’s recent appreciation, some additional important technical levels include the 416.00409.64389.91383.02374.83, and 359.36 areas.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).


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