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ETH/USD Supported by Big 1180 Technical Support Level: Sally Ho's Technical Analysis 18 January 2021 ETH

ETH/USD Supported by Big 1180 Technical Support Level: Sally Ho's Technical Analysis 18 January 2021 ETH

Ethereum (ETH/USD) weakened early in today’s North American session as the pair depreciated to the 1215.43 area after trading as high as the 1268.83 area during the Asian session, with the intraday high representing a test of the recent depreciating range from 1294 to 1165.78.  Traders drove ETH/USD as low as the 1181.90 area during the Asian session, with that relative low representing a test of the 50% retracement of the recent appreciating range from 1065 to 1294, and the 38.2% retracement of the broader appreciating range from 980 to 1294.  Likewise, this also represented a test of the 61.8% retracement of the broader depreciating range from 1350.88 to 905.00, evidencing the technical significance of this area to chartists.  If ETH/USD reverses some recent gains and depreciates below recent lows, traders will focus on potential technical support between the 908.32 and 1053.31 levels.  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, additional 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 1167.92 and the 100-bar MA (Hourly) at 1203.68.

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 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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