FxWirePro: ETH/USD faces resistance at 78.6% fib, good to go long on decisive break above
ETH/USD is trading in a close range today as it holds above 10-DMA. It is currently trading at 760 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 687.50 Kijun-Sen: 632.50 On the upsi…
ETH/USD is trading in a close range today as it holds above 10-DMA. It is currently trading at 760 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 687.50
Kijun-Sen: 632.50
On the upside, a decisive break above 787 (78.6% retracement of 863 and 512) would see the pair testing 800/863 (December 19 high). Further strength would target 891 (Upper Bollinger)/908.
On the downside, support is seen at 740 (10-DMA) and a break below would drag the pair to 706 (23.6% retracement of 201.28 and 863)/665 (20-DMA). Further weakness would target 610/570 (4h 200-SMA).
Momentum studies: On the daily chart, RSI and stochs are biased higher while the MACD line is below the signal line. Overall bias is bullish as long as 20-DMA support holds.
Recommendation: Good to go long on break above 787. SL: 650. TP: 800/863/900.
Potential short-liquidation exposure was reported above $85,000 in the week leading up to Oct. 15. A separate cluster near $75,000 has no stated position direction.
Issuance will stay level for about 12 months, then taper to zero over 24 months. Five community-nominated council candidates require confirmation by veHNT holders.
