ETH/USD trades well below major trend line support, dip till 7 likely
ETH/USD hit a fresh low of 7.29 levels on Monday and is currently trading at this level (Kraken). Long-term trend: Bearish Short-term trend: Bearish Ichimoku analysis (Daily chart): Tenkan-Sen: 8.44 Kijun-Sen: 9.11 Trend…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD hit a fresh low of 7.29 levels on Monday and is currently trading at this level (Kraken).
Long-term trend: Bearish
Short-term trend: Bearish
Ichimoku analysis (Daily chart):
Tenkan-Sen: 8.44
Kijun-Sen: 9.11
Trend reversal: 9.12 (21-day MA)
On the topside, the pair now faces resistance at 7.87 (5-EMA) and a break above would target 8 (trend line joining 12.30 and 8.67)/ 8.43 (38.2% retracement of 10.30 and 7.29).
On the reverse side, the pair is likely to find support at 7.00 (August 02 low) and a break below would drag it to 6 (113% retracement of 7 and 14.45)/ 4.97.
Long liquidations were $10,000 across Binance, Bybit and OKX. CoinGecko/exchange spot data showed ZEC at $1,296.20, up 1.86% over 24 hours, at 14:55 UTC.
