FxWirePro: ETH/EUR faces strong resistance at 21-day MA, good to sell on rallies
ETH/EUR is seen trading below in red on Thursday. The pair has once again retreated after jumping till 9.67 levels (KRAKEN). It is currently trading around 9.29 at the time of writing. Ichimoku analysis of daily chart sh…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR is seen trading below in red on Thursday. The pair has once again retreated after jumping till 9.67 levels (KRAKEN). It is currently trading around 9.29 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 9.38
Kijun-Sen level: 9.49
Trend reversal level - (100 day MA) – 10.58
Long-term trend remains to be bearish. ETH/EUR faces strong resistance at 21 days MA and any close above confirms minor bullishness jump till 10.30 is possible.
The major resistance is around 9.71 (21- day MA) and any violation above targets 10.29 (55- day EMA)/10.58 (100- day MA). Short-term support is seen at 9.15 (Oct 30th, 2016 low) and any violation below targets 8.75 (61.8% retracement of 7.80 and 10.30)/7.80 (Oct 29th low).
The Office of the Comptroller of the Currency finalized its issuer rule on Oct. 21, while a Sept. 15 Senate vote left the broader Digital Asset Market Clarity Act pending.
