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ETH/USD Sharply Lower After New Peak at 2041.42: Sally Ho’s Technical Analysis 22 February 2021 ETH

Ethereum (ETH/USD) extended its pullback early in today’s North American session as the pair depreciated to the 1748 area after trading as high as the 1940.54 area during the Asian session, down from the recent lifetime high of 2041.42.  The intraday low represented a test of the 23.6% retracement of the recent depreciating range from 1836 to 1725.  Stops were recently elected above the 1930.40, 1957.36, and 2017.05 levels during the ascent, areas related to historical buying pressure around the 215.16, 370.50, and 176.43 areas. Stops were also recently elected above upside price objectives including the 1711.20, 1716.45, 1733.12, 1750.63, and 1805.21 levels, upside price objectives were technically significant on account of 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 gains, additional upside price objectives include the 2080.48, 2134.98, 2150.66, and 2210.42 levels. 

Stops were elected below a series of downside retracement levels during ETH/USD’s decline, including the 1912.06, 1895.69, 1859.67, 1850.68, 1844.27, 1832.03, 1805.66, 1805, and 1767.35 levels.  Following the recent climb of ETH/USD to all-time highs, traders are carefully watching potential areas of technical support including the 1722.31, 1702.67, 1658.73, 1623.74, 1607.31, 1565.49, 1540.52, and 1525.16 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 100-bar MA (4-hourly) at 1804.92 and the 200-bar MA (Hourly) at 1871.15.

Technical Support is expected around 1722.31/ 1702.67/ 1658.73 with Stops expected below.

Technical Resistance is expected around 2080.48/ 2134.98/ 2150.66 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.

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