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ETH/USD Eyeing 1666 Technical Resistance: Sally Ho's Technical Analysis 25 February 2021 ETH

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Ethereum (ETH/USD) moved higher early in today’s Asian session as the pair appreciated to the 1659.97 area after trading as low as the 1554.39 area during the North American session, with the interday low representing a test of the 23.6% retracement of the depreciating range from 1763.93 to 1493.28.  Traders are waiting to see how ETH/USD will react around the 1666.36 area, representing the 50% retracement of the depreciating range from 1976.72 to 1356Stops were 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 earlier this 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 1328.99, 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 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 200-bar MA (4-hourly) at 1621.34 and the 50-bar MA (Hourly) at 1602.01.

Technical Support is expected around 1328.99/ 1285.87/ 1205.96 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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

                                                                                                                                                                     

?? A third-party is providing this trading analysis, and it is only for informational purposes. Not intended to be legal, tax, investment or financial advice, nor do the views expressed reflect the views of Crypto Daily.

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 2/25/2021

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