ETH/USD Encounters Technical Pressure at 1973: Sally Ho’s Technical Analysis 16 July 2021

ETH/USD Encounters Technical Pressure at 1973:  Sally Ho's Technical Analysis 16 July 2021

“Ethereum (ETH/USD) remained weak early in the Asian session as the pair failed to sustain a move above the psychologically-important 2000 figure and moved back below the 1900 level during the North American session.  Traders observe ETH/USD tested the 100-hour simple moving average during yesterday’s Asian session before coming off, and later encountered technical resistance around the 1973.33 area, representing the 38.2% retracement of the recent appreciating range from 1865.50 to 2039.99.  Additional technical trading was evident when ETH/USD appreciated to test the 1938.29 area, representing the 23.6% retracement of the depreciating range from 2173.37 to 1865.67.
Traders recently pushed ETH/USD as low as the 1865.67 area, the pair’s weakest print since late June and a test of the 76.4% retracement of the recent appreciating range from 1717.41 to 2411.19.   Stops were recently elected below the 2064.30, 2024.97, 2005.05, 1989.85, 1982.43, 1881.14, 1871.81, and 1868.97 areas during the recent move lower.  If ETH/USD is unable to sustain recent gains, downside price objectives including the 1588, 1495, 1467, 1442, 1339, and 1155 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-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 2091.92 and the 50-bar MA (Hourly) at 1955.71.
Technical Support is expected around 1700/ 1633.51/ 1456.03 with Stops expected below.
Technical Resistance is expected around 3122.22/ 3420.10/ 3788.66 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 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.”

Source: Crypto Daily™

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