Advertisement

Advertisement

ETH/USD Retraces 50% of Recent All-Time High Pullback: Sally Ho's Technical Analysis 13 December 2020 ETH

ETH/USD Retraces 50% of Recent All-Time High Pullback:  Sally Ho's Technical Analysis 13 December 2020 ETH

Ethereum (ETH/USD) gave back some gains early in today’s North American session as the pair came off to the 581.08 area after trading as high as the 589.97 area earlier in the North American session.  Strong buying activity saw the pair lifted from the 563.79 area in the Asian session, with ETH/USD testing and then moving above the 200-hour simple moving average.  Some Stops were elected above the 583.43 area during the appreciation, representing the 50% retracement of the depreciating range from 636.53 to 530.32.  This recent multi-year high around the 636.53 area represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area.  One key range that traders continue to watch is the recent appreciation from 480.08 to 636.53.  During a pullback last week, some Stops were elected below the 539.84 area, representing the 61.8% retracement of the appreciating range

Below recent price activity, potential areas of technical support include the 517.00, 513.56, 474.77, 460.77, 427.76, and 406.48 levels.   Above current price activity, additional upside price objectives include the 668.87, 679.78, and 698.88 areas, levels that relate to buying pressure that emerged earlier this year around the 125.52, 122.15, and 116.25 areas.  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 bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 573.04 and the 200-bar MA (Hourly) at 572.94.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 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.

Related TAGS:

You can share this post!

Advertisement