FxWirePro: ETH/USD extends consolidation with upside capped by 20-DMA, bias neutral
ETH/USD remains rangebound on Thursday with its upside capped by 20-DMA. It is currently trading at 868 levels at the time of writing (Kraken). On the upside, a consistent break above 874 (20-DMA) would see the pair test…
ETH/USD remains rangebound on Thursday with its upside capped by 20-DMA. It is currently trading at 868 levels at the time of writing (Kraken).
On the upside, a consistent break above 874 (20-DMA) would see the pair testing 908 (4h 200-SMA)/ 952 (38.2% retracement of 1594.89 and 556). Further strength would target 975 (50-DMA)/1000.
On the downside, support is seen at 852 (1h 200-SMA) and any violation would drag the pair to 813 (100-DMA)/ 782 (Lower Bollinger). Further weakness would target 733 (61.8% retracement of 201.28 and 1594.89)/700.
Momentum studies: Bias remains neutral on the daily chart with extremely rangebound price action. Traders are preferred to wait for a clear directional bias.
