ETH/EUR pair is consolidating in narrow range after hitting all-time high of 385 levels (KRAKEN). ETH/EUR should break below 300 for minor weakness. It is currently trading around 337.99 at press time.
Ichimoku analysis 4-Hour Chart shows:
Tenkan-Sen level: 350
Kijun-Sen level: 316
Minor Trend reversal level - (200 4H MA) – 182.69
Long-term trend remains to be bullish. ETH/EUR downside is capped by 21-4H EMA at 337, and any minor weakness can be seen only below that level.
The major resistance is around 380 (100% projection from 221 to 320.55 till 281.50) and any break above targets 437 (161.8% projection of 113 to 246.70 till 221). Short term support is seen at 337 (21- EMA) and any break below will drag the pair till 320 (23.6% retracement of 113 to 385)/ 291 (55 -EMA)/ 261 (89- EMA).
It is good to buy on dips around 320 with SL around 290 for the TP of 385/437.
