FxWirePro: ETH/USD downside capped by 23.6% fib, good to go short on break below
ETH/USD is trading in a narrow range on Friday with its upside capped by 7-DMA. It is currently trading at 43 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 47.99 Kijun-Sen: 39.06 On…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD is trading in a narrow range on Friday with its upside capped by 7-DMA. It is currently trading at 43 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 47.99
Kijun-Sen: 39.06
On the upside, the pair is facing stiff resistance at 45.74 (7-DMA) and only a decisive break above would confirm further bullishness. A close above this level would see the pair testing 47.18 (April 05 high)/ 49.64 (61.8% retracement of 54.97 and 41).
On the flipside, 23.6% retracement of 5.92 and 51.90 rally is acting as a major support for the pair (41 levels) and a break below would confirm minor bearishness in the pair and would drag it to 37.60 (March 22 low)/34.33.
Traders are advised to wait for confirmed signal on daily charts as RSI is holding above 50, while MACD and Stochs suggest bearishness in the pair.
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