ETH/USD Better After Testing Technical Support at 1507: Sally Ho’s Technical Analysis 23 February 2021 ETH

Ethereum (ETH/USD) glided lower in today’s Asian session as the pair depreciated to the 1655 area after trading as high as the 1805.03 area earlier during the Asian session, with the intraday high representing a test of the 100-bar 4-hour simple moving average.  Traders knocked ETH/USD lower to the 1507.34 level early in the week, a move that saw a test of the 61.8% retracement level of the recent appreciating range from 1206.05 to 2041.42.  Stops were elected below many downside retracement levels during the depreciation, including 1773.22, 1747.24, 1722.31, 1702.67, 1656.37, 1607.31, 1585.49, and 1540.52. If ETH/USD extends its recent depreciation, potential technical support includes 1493.28, 1473.21, 1444.99, 1422.31, 1381.16, 1328.99, 1285.87, and 1205.96.

Stops were recently elected above the 1930.40, 1957.36, and 2017.05 levels during the appreciation, areas related to historical buying pressure around the 215.16, 370.50, and 176.43 areas. Stops were also recently elected above upside price objectives including the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels, upside price objectives were technically significant on account of buying pressure that originated around the 148.08, 310.79, 439.77, and 123.72 areas.  If ETH/USD is able to extend its upward gains, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels.  Traders 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 below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 1598.71 and the 50-bar MA (Hourly) at 1860.19.

Technical Support is expected around 1493.28/ 1444.99/ 1381.16 with Stops expected below.

Technical Resistance is expected around 2080.48/ 2134.98/ 2150.66 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.


Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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