ETH/USD faces resistance at 61.8% fib, break above targets 9.45
ETH/USD managed to close just above 21-day MA on Monday and continues to hover around this level today. It is currently trading at 8.40 levels(Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 7.40 Kijun-Sen: 8.11 Tr…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD managed to close just above 21-day MA on Monday and continues to hover around this level today. It is currently trading at 8.40 levels(Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 7.40
Kijun-Sen: 8.11
Trend reversal: 10.25 (90-EMA)
The pair’s upside is being capped by 8.62 (61.8% retracement of 10.30 and 5.92) and a consistent break above would see it testing 8.89 (December 08 high)/9.00. Minor bullishness in the pair could be confirmed only if it breaks above 9.45 levels (trend line joining 14.45 and 12).
On the reverse side, the pair has taken support at 8.22 (7-EMA) and a break below 7.58 (trend line joining 12.30 and 8.67) would drag it to 7.40 (50% retracement of 5.92 and 8.89)/7 (August 02 low).
