ETH/USD faces strong resistance at 100-DMA, bullishness only above 12.54
ETH/USD is once again showing a slight dip after it faced resistance at 100-DMA. It hit 12.22 levels on Thursday and is currently trading at 12.00 levels (Kraken). Long-term trend: Bullish Short-term trend: Bullish Ichim…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD is once again showing a slight dip after it faced resistance at 100-DMA. It hit 12.22 levels on Thursday and is currently trading at 12.00 levels (Kraken).
Long-term trend: Bullish
Short-term trend: Bullish
Ichimoku analysis of daily chart:
Tenkan Sen: 11.79
Kijun Sen: 11.60
Trend reversal: 11.64 (90 EMA)
The pair seems to be struggling to close above 12.27 (100-day MA). Only a close above 12.54 levels (September 01 high) would see a further jump till 13.27 (161.8% retracement of 12.54 and 11.35)/15.23 (July 22 high).
On the other side, 9-EMA is acting like a minor support for the pair. A break below would see a dip till 11.64 (90 EMA)/ 11.43 (200-day MA)/10.00 (psychological level).
The Tether (USDT)-settled contract began trading Oct. 25 with leverage of up to 5x. Binance initially bases its mark price on trades in the contract itself.
