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ETH/USD Trades Above Decent Technical Resistance During Recovery: Sally Ho's Technical Analysis 2 March 2021 ETH

ETH/USD Trades Above Decent Technical Resistance During Recovery:  Sally Ho's Technical Analysis 2 March 2021 ETH

Ethereum (ETH/USD) weakened early in today’s Asian session as the pair depreciated to the 1542 area after trading as high as the 1605.89 area in the North American session, with the intraday high representing a test of the 38.2% retracement of the depreciating range from 2041.42 to 1292.76.   Chartists note the intraday high also represents a test of the 200-hour simple moving average, and the 50-bar 4-hour simple moving averageStops were recently elected above various retracement levels during the recent recovery higher, including the 1633.50 area that represents the 61.8% retracement of the depreciating range from 1805.03 to 1356Stops were elected below many downside retracement levels during the depreciation last week, including 1773.22, 1747.24, 1722.31, 1702.67, 1656.37, 1607.31, 1585.49, and 1540.52. If ETH/USD extends its recent depreciation, potential technical support includes 1285.87 and 1205.96.

Stops were also recently elected above the 1930.40, 1957.36, and 2017.05 levels during the appreciation, 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.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 1562.22 and the 200-bar MA (Hourly) at 1567.91.

Technical Support is expected around 1285.87/ 1205.96/ 1128.29 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 Bullishly above 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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