Trading Signal for ETH/USD for February 09 - 10, 2021: Sell Below $1750.00

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The price of Etherium reached a high in the area of $1,782 after the BTC/USD pair has registered a historical high at $47,546. Both currencies are the ones that have had stable growth these days amid high capitalization and investment in cryptocurrencies.

Thanks to all the potential that Etherium has, new financial services are being redesigned and as this happens, there is more demand for ETH/USD.

For that reason, Etherium is expected to reach the levels of $10,000 in the short term as the first target due to the high security and speed of its transactions, surpassing BTC.

On the technical level, we note that the ETH/USD is trading within an uptrend channel and in the zone of 7/8 Murray, where a correction could be expected in the short term.

If the Etherium trades below 7/8 of Murray around $ 1750.00, a technical correction can be expected to the area of $1,500, since the eagle indicator is showing an oversold signal, it is likely that there is a correction to the 200 EMA around 1332.20.

Our recommendation is to sell below 1750, and below the top of the bull channel.

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Support And Resistance Levels For February 09 - 10, 2021

Resistance (1) $1799.00

Resistance (2) $1926.53

Resistance (3) $2029.05

Support (1) $1610.47

Support (2) $1540.40

Support (3) $1461.03

The material has been provided by InstaForex Company - www.instaforex.com

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