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ETH/USD Retraces Lower After Multiple Tests of 1822:  Sally Ho's Technical Analysis 16 February 2021 ETH

Ethereum (ETH/USD) weakened early in today’s North American session as the pair depreciated to the 1761.16 area after trading as high as the 1825 area during the Asian session, with the intraday high just above the 50% retracement of the recent depreciating range from 1877.88 to 1766.15.  Chartists observe the intraday low was right around the 38.2% retracement of the appreciating range from 1659.93 to 1836.00.  Traders remain focused on the psychologically-important 2000 level following the ongoing move higher that has recently seen Stops elected above upside price objectives including the 1711.201716.451733.121750.63, and 1805.21 levels.  Some of those upside price objectives were technically significant on account of buying pressure that originated around the 148.08310.79439.77, and 123.72 areas.   If ETH/USD is able to extend its upward gains, additional upside price objectives include the 1930.401957.362017.05, and 2080.48 levels

Following the recent climb of ETH/USD to multi-year highs, traders are carefully watching potential areas of technical support including the 1607.291473.081364.621256.151221.94, and 1101.72 levels.  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 976.37954.16941.22917.03915.48902.24, 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 1784.65 and the 200-bar MA (Hourly) at 1780.17.

Technical Support is expected around 1473.08/ 1364.62/ 1256.15 with Stops expected below.

Technical Resistance is expected around 1930.40/ 1957.36/ 2017.05 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.

Source: cryptodaily.co.uk

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