ETH/USD Sputters After New Multi-Year High: Sally Ho's Technical Analysis 7 February 2021 ETH

Ethereum

Ethereum (ETH/USD) extended its pullback early in today’s North American session as the pair depreciated to the 1564.22 area after trading as high as the 1720.00 area during the Asian session, down from the test of 1763.93 late last week.  Technical resistance emerged around the 1719.15 area during the Asian session, representing the 61.8% retracement of the recent depreciating range from 1763.93 to 1646.70.  Stops were recently elected above the 1711.20, 1716.45, 1733.12, and 1750.63 levels during the ascent, upside price objectives related to 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 momentum, additional upside price objectives include the 1805.21 and 1930.40 levels.  

Following the recent climb of ETH/USD to multi-year highs, traders are carefully watching potential areas of technical support including the 1561.21, 1435.82, 1334.47, 1233.11, 1107.71, and 1088.81 levels.  Some Stops were recently elected above the 1256.15, 1307.31, and 1315.02 areas, upside retracement levels related to the recent depreciating range from 1390 to 1039.62.  If ETH/USD reverses recent gains and 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, and 895.33 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 1527.73 and the 200-bar MA (Hourly) at 1521.38.

Technical Support is expected around 1397.87/ 1329.47/ 1261.07 with Stops expected below.

Technical Resistance is expected around 1805.21/ 1930.40/ 1957.36 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below 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.