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ETH/USD Remains Pressured Below 1287.05 Technical Resistance: Sally Ho's Technical Analysis 23 January 2021 ETH

ETH/USD Remains Pressured Below 1287.05 Technical Resistance:  Sally Ho's Technical Analysis 23 January 2021 ETH

Ethereum (ETH/USD) gained back some lost ground early in today’s North American session as the pair appreciated to the 1241.21 area after trading as low as the 1196.74 area during the European session, with the intraday low representing a test of the 50% retracement of the depreciating range from 1390 to 1039.62Short-term downward price activity was confirmed when ETH/USD ran out of steam below the 1287.05 area, a level that represents the 61.8% retracement of the depreciating range from 1440 to 1039.62.  Traders are carefully monitoring another depreciating range from 1390 to 1039.62, with the 1256.15, 1307.31, and 1315.02 area representing additional upside price objectives.  If the psychologically-important 1000 figure cannot be held, technical traders will eye additional downside retracement areas including the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, 895.33, 869.22, 860.69, 856.83, 844.44, 831.94, 828.97, 812.73, 783.02, 770.03, 763.66, 750.28, 745.01, and 723.97 areas.

If ETH/USD is able to extend its recent comeback further, some areas of potential technical resistance include the 1477.71, 1582.86, and 1665.31 areas.  During ETH/USD’s recent move higher to multi-year highs, Stops were recently elected above the 1072.78, 1133.44, 1163.93, 1176.28, 1225.30, and 1230.73 areas, and selling pressure intensified below these areas during the pullback. Notably, these levels represented technically significant upside price objectives related to historical buying pressure around the 215.16, 625.01, 370.50, 480.08, 530.32, and 310.79 areas.   Strong Stops were also recently elected above the 819.23, 877.81, and 879.23 levels during the sharp climb, upside price objectives also related to previous buying activity around the 625.01 and 530.32 areas, and traders are curious to see how price activity reacts around these 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 100-bar MA (4-hourly) at 1210.66 and the 50-bar MA (Hourly) at 1207.37.

Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.

Technical Resistance is expected around 1447.83/ 1477.71/ 1582.86 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 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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