FxWirePro: ETH/EUR faces strong support at 200- day MA, good to sell on rallies
ETH/EUR is seen trading well below in red on Wednesday. The pair is trading flat between 10.12 and 10.62 for the past three trading session (KRAKEN). It is currently trading around 10.29 at the time of writing. Ichimoku …
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
ETH/EUR is seen trading well below in red on Wednesday. The pair is trading flat between 10.12 and 10.62 for the past three trading session (KRAKEN). It is currently trading around 10.29 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 10.43
Kijun-Sen level: 10.32
Trend reversal level - (90 days EMA) – 10.37
Long-term trend remains to be bullish. ETH/EUR forms temporary top around 11.30 (Aug 9th high). The pair should break above 11.30 further bullishness.
Major resistance is around 10.52 (5-day MA) and any break above that level will take the pair till 11 (61.8% retracement of 13.74 and 6.52)/11.30 (Aug 9th low). Short-term support is seen at 9.98 (200-day MA) and any violation below will drag the pair till 9.40 (Aug 19th, 2016 low)/7.99.
Ethereum’s $21.8 billion total was more than three times BNB Chain’s. The market value was up 920% over three years, while Solana and Stellar tied for third.
