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ETH/USD Tests 1245 Resistance: Sally Ho's Technical Analysis 16 January 2021 ETH

ETH/USD Tests 1245 Resistance:  Sally Ho's Technical Analysis 16 January 2021 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 1246.00 area after trading as low as the 1132.01 level during the Asian session, with the intraday high representing a test of the 76.4% retracement of the recent depreciating range from 1350.88 to 905.00.  Traders observed acute selling pressure late in the week that drove ETH/USD as low as the 1065.00 level after Stops were elected below many areas including 1117.80, 1102.28, 1096.07, 1089.14, 1080.30, and 1075.33.  This move knocked some weaker longs out of their positions, and may strengthen the ability of ETH/USD to sustain future gains above the 1250 area.  If ETH/USD is able to extend its recent comeback further, some immediate area of potential technical resistance include the 1381.03, 1439.98, 1582.86, and 1665.31 areas.  If ETH/USD weakens and returns to its pullback lower, downside retracement areas and additional levels of potential technical support include 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. 

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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 1166.83 and the 50-bar MA (Hourly) at 1199.62.

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

Technical Resistance is expected around 1381.04/ 1419.96/ 1439.98 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.

                                                                                                                                                                     

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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