FxWirePro: ETH/USD consolidates in narrow range, bias higher, stay long
ETH/USD is consolidating in a narrow range and trading slightly higher on Tuesday. It is trading at 275 levels at the time of writing (Bitfinex). Ichimoku analysis (Daily chart): Tenkan-Sen: 232.56 Kijun-Sen: 206.56 On t…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD is consolidating in a narrow range and trading slightly higher on Tuesday. It is trading at 275 levels at the time of writing (Bitfinex).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 232.56
Kijun-Sen: 206.56
On the upside, a close above 274 (50% retracement of 412.21 and 136.12) would see the pair testing 306/353. Further strength would see it testing 377 (June 18 high)/412 (June 12 high).
On the reverse side, support is seen at 241 (50-DMA) and a break below would drag it to 215 (100-DMA)/180 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/123 (200-DMA).
Momentum studies: Bias remains bullish on the daily chart with MACD line above the signal line and RSI strong at 62. Stochs are in the overbought zone.
Call Update: We had recommended going long in our previous call. The call is progressing well.
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