Published
3 years ago on
February 08, 2021
Ethereum (ETH/USD) rallied higher early in today’s North American session as the pair appreciated to the 1740 area after trading as low as the 1565.98 area during the Asian session, with the intraday low just above the 50% retracement of the recent appreciating range from 1493.28 to 1633.00. Stops were elected above the 1700.06 and 1706.01 levels during the climb, representing the 76.4% and 78.6% retracements of the depreciating range from 1763.93 to 1493.28. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 1561.69 and the 100-bar MA (Hourly) at 1652.78.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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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