ETH/USD Lower After Peaking at 1699: Sally Ho's Technical Analysis 4 February 2021 ETH

ETH/USD Lower After Peaking at 1699: Sally Ho's Technical Analysis 4 February 2021 ETH

Ethereum (ETH/USD) gave back some recent gains early in today’s North American session as the pair depreciated to the 1576.10 area after trading as high as the 1699 area during the Asian session, with the intraday high representing a test of an upside price objective around the 1711.20 area that corresponds to buying pressure that emerged around the 148.08 area last year.  Stops were elected above a series of upside price objectives during the acute rise of ETH/USD, including the 1606.62 area that relates to buying pressure that originated around the 480.08 level, and the 1665.31 area that relates to upside pressure that originated around the 176.43 level.  If ETH/USD is able to extend its upward momentum, additional upside price objectives include the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels.  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. 

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, 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. 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 1405.95 and the 50-bar MA (Hourly) at 1580.74.

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

Technical Resistance is expected around 1711.20/ 1750.63/ 1805.21 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below 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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