ETH/USD Bulls Gobble Stops Above 208.76: Sally Ho’s Technical Analysis 17 May 2020 ETH

By May 17, 2020Ethereum
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ETH/USD Bulls Gobble Stops Above 208.76:  Sally Ho's Technical Analysis 17 May 2020 ETH

Ethereum (ETH/USD) added to recent gains and reclaimed the psychologically-important 200.00 figure during today’s North American session as the pair continues to experience relatively bullish market sentiment following its improvement from the 90.00 level in March. Stops were elected above the 202.73 level during the ascent higher, an upside price objective that represents the 76.4% retracement of the depreciation from 206.25 to 191.35. Additional Stops were triggered above the 205.44 area, representing the 76.4% retracement of the recent depreciation from 214.40 to 176.43, followed by Stops that were elected above the 207.43 area, representing the 76.4% retracement of the depreciation from 217.00 to 176.43. Traders are observing additional upside price objectives around the 214.40, 215.48, 216.61, and 217.00 areas. Below current market activity, traders continue to monitor the 191.93 area, representing the 38.2% retracement of the same depreciating range. Earlier this month, Stops were triggered below the 197.16 and 187.79 levels, representing the 38.2% and 50% retracements of the recent appreciation from the 148.08 area to the 227.50 level.

Additionally, the 187.86 area also represents the 38.2% retracement of the wider appreciation from 123.72 to 227.50 and large Stops were also recently reached below the 195.05 area, representing the 23.6% retracement of the wider appreciation from 90.00 to 227.50. Additional downside price objectives related to this selling pressure include the 176.23 and 171.99 areas, and traders will be curious to see what kind of technical support emerges around these levels when the market comes off further. Additional downside areas that traders will be monitoring include the 178.42 and 166.82 levels. Chartists are observing that the 50-bar MA (4-hourly) continues to bearishly indicate below the 100-bar MA (4-hourly), and continues to indicate above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 196.37 and the 50-bar MA (Hourly) at 200.18.

Technical Support is expected around 191.93/ 185.39/ 177.39 with Stops expected below.

Technical Resistance is expected around 214.40/ 215.48/ 217.00 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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