FxWirePro: ETH/USD bounces off 23.6% fib support, close above 20-DMA to see further upside
ETH/USD broke back above 20-DMA on Wednesday and is currently trading at 46 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 48.08 Kijun-Sen: 36.81 On the upside, a close above 46.34 (…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD broke back above 20-DMA on Wednesday and is currently trading at 46 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 48.08
Kijun-Sen: 36.81
On the upside, a close above 46.34 (20-DMA) could see a jump till 48.08 (convergence of daily Tenkan Sen and 7-DMA). A decisive break above this level would see further bullishness in the pair and would target 49.70 (61.8% retracement of 51.97 and 41.18)/51.90 (March 17 high).
The pair has taken support near 41 (23.6% retracement of 5.92 and 51.90) and any violation could see a dip till 37.60 (March 22 low)/34.33 (38.2% retracement of 5.92 and 51.90).
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