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Trading Idea on ETH/USD

By Research Team Saturday, Feb 20, 2021
ETH/USD

    • 10.30am ISTD1
    • High2039.25
    • Low1924.661
    • Close2024.53

The Ethereum advanced to record high levels & crossed a key benchmark zone of $2000 in the last week with a high amount of trading volume. Uncertain equity markets, firm US Dollar Index & bearish Gold prices forces traders & investors to diversify their funds to digital assets which results into more liquidity & volatility. Besides this, the Bitcoin rallied above $50K levels after Tesla, the world’s leading electric vehicle maker, announced to invest $1.5 billion in the currency & also, may accept the Bitcoin as a medium of payment in future course of time. The BNY Mellon, an oldest American Bank, is planning to set-up Bitcoin custody which may be followed by many of the organizations as well. This further pushed up the Bitcoin & Altcoins, too. On technical terms, the ETH/USD is strongly trading above the short term Moving Averages of period 10 & 20 indicating buying momentum further. The Fibonacci Expansion formation shows the chances of testing the Fibo level 61.8 if upside prevails in the pair for next few trading sessions. The RSI line is constantly floating near the resistance level 70 indicating the probability of bullish bias in Ethereum. Buying on corrective dips may be recommended with a next possible target of $2090-$2100 on medium to long term basis.

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Weekly Outlook

ETH/USD

Intra Day
Near Day

Technical Levels

R3 2664.74
R2 2285.6
R1 2153.91
Turnaround 1907.52
S1 1775.03
S2 1528.14
S3 1149.26
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