Technical analysis for the stock market

ETHUSD technical analysis

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ETHUSD hourly chart analysis

Figure 1: bigX web trader, H1 ETHUSD chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • We are currently withing a ranging bound of 200 to 220
  • The price has challenged the resistance at 213 several times looking for a breakout
  • We need to visualise on H4 and D1 charts why the price is behaving like this

ETHUSD four hourly analysis

Figure 2: bigX web trader, ETHUSD Four Hourly Chart

Key Points

  • H4 chart clearly shows the glitch/gap from Mar/Apr 2020 has finally been done (highlighted in the small yellow box)
  • We have also been on a gradual bullish trend for the past few months
  • If we trend this, we can see a potential range for the price in the coming weeks (highlighted in big yellow box)
  • Currently we look to be ranging
  • The price has dropped below the range but still continues a longer term trend up

ETHUSD daily analysis

Figure 3: bigX web trader ETHUSD Daily chart

Key Points

  • On the daily chart we can see use fib retracement
  • The 61% level has been done and is now acting as a support for the price
  • This has opened up a potential to target the 100% level around 280
  • Expect further challenges to the 50% level