Ethereum fell on Wednesday, dropping down to under the $1,250 level before bouncing up above the $1,300 and closing the daily candle thereabouts. This is a bearish candle as ETH sold off a bit as ETH continues to fight resistance near the ATH. 
(January 20, 2021 8:30 PM EST)
Ethereum pulled back on Wednesday, selling off nearly $200 or 15% before recovering about half of the fall, sustaining half of yesterday's gains. This isn't a great look but I suspect it may simply be collateral selling due to Bitcoin's bearish tone which is markedly more bearish than ETH's. It seems like ETH is starting to gain more notoriety now and as media pundits and institutional investors shift their sentiment and attention towards other large-cap crypto assets, of which ETH is the leader. With the skyrocketing demand, news of recent supply exhaustion on centralized exchanges, ETH CME futures launching in a couple weeks and Grayscale's ETH Fund at all-time high in demand, ETH is set up for another burst higher once it breaks decisively above the $1,450 level, and would be even further supported by a breakout in the ETH/BTC ratio as discussed below:
The ETH/BTC daily chart below shows ETH/BTC is nearing a resistance level at 0.04 which has historically been the lowest resistance level. As you can see ETH tested the 0.04 level back in August 2020 but was rejected, falling back to find support around the 0.025 level. A clear break here above 0.04 would surely send ETH higher as the second-largest crypto has been pummeled by Bitcoin's market dominance since mid-2018 in which life was sucked out of altcoins.
Simple strategy: Buy the dips and earn ETH however possible. Otherwise, DCA is the way to go.
In all likelihood, last week was most likely "The Dip" we've been waiting for; it will likely take a while to resolve and could grind lower for a few weeks before finding a bottom. However, I think 2021 will be substantially better for crypto and ETH in particular, although ETH has outperformed BTC in 2020 so really it's no surprise there.
Support: Look for local support around $1,000. Below that, look for support at my primary support at the 50% fib around $830 which is supported by the 50 Day EMA.
Resistance: With $1,400 been twice breached and under daily attack, ETH should look toward $1,500 and then $2,000. "Longer"-term, I think a $5,000 - $10,000 ETH by 2022-23 is not only realistic but likely given crypto's adoption, ETH 2.0's launch, and the fiat currencies' rampant inflation.
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