ETH/USD Circles 208.32 After Comeback: Sally Ho's Technical Analysis 22 May 2020 ETH

22-May-2020

Ethereum (ETH/USD) continued its comeback during today’s North American session as the pair traded as high as the 209.28 area after trading as low as the 191.27 area during yesterday’s North American session.  Stops were elected above the 197.34, 201.10, 204.13, and 207.16 levels during the move higher, representing the 23.6%, 38.2%, 50%, and 61.8% retracements of the recent depreciation from 216.99 to 191.27.  Traders are very interested to see how the pair reacts around the 208.76 area, representing the 23.6% retracement of the recent appreciation from 148.08 to 227.50.  During ETH/USD’s recent move lower, Stops were elected below the 201.50, 196.72, and 191.93 areas, representing the 61.8%, 50%, and 38.2% retracements of the recent depreciation from 217.00 to 176.43. Additional Stops were elected below the 201.50, 196.71, and 191.92 levels, representing the 38.2%, 50%, and 61.8% retracements of the recent appreciation from 176.43 to 216.99.  ETH/USD bears are also eyeing the 190.08 level as a downside price objective.  Additional downside areas of potential technical support include the 190.93, 186.00, 185.39, and 185.11 areas.  Chartists 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 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 205.72 and the 100-bar MA (Hourly) at 208.20. Technical Support is expected around 191.27/ 185.39/ 177.39 with Stops expected below. Technical Resistance is expected around 215.09/ 219.48 / 227.50 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. read more

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