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ETH/USD Tests 1196.22 Technical Resistance:  Sally Ho's Technical Analysis 14 January 2021 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair rallied to the 1191.87 area after trading as low as the 1087.05 level during the Asian session, with the intraday high representing a test of the 23.6% retracement of the recent appreciating range from 886.33 to 1291.94.  Stops were elected above the 1127.94 and 1180.55 levels during the ascent higher, areas that represent the 50% and 61.8% retracements of the recent depreciating range from 1305.88 to 905.00.  If ETH/USD is able to extend its recent comeback further, some immediate area of potential technical resistance include 1202.701217.141236.811245.65, and 1255.46, followed by the 1381.031439.981582.86, and 1665.31 areas.  If ETH/USD weakens and returns to its pullback lowerdownside retracement areas and additional levels of potential technical support include the 976.37954.16941.22917.03915.48902.24895.33869.22860.69856.83844.44831.94828.97812.73783.02770.03763.66750.28745.01, and 723.97 areas. 

During ETH/USD’s recent move higher to multi-year highsStops were recently elected above the 1072.781133.441163.931176.281225.30, 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 215.16625.01370.50480.08530.32, and 310.79 areas.   Strong Stops were also recently elected above the 819.23877.81, and 879.23 levels during the sharp climbupside 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 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 1166.41 and the 200-bar MA (Hourly) at 1164.73.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Source: cryptodaily.co.uk

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