FxWirePro: ETH/USD faces strong support at 200 day MA, good to buy on dips

ETH/USD has slightly recovered after making a low of $10.32. It is currently trading around $10.96 (Kraken).

Long term trend: neutral

Ichimoku analysis (Daily chart):

Tenkan-Sen: $9.90

Kijun-Sen: $11.11

Trend reversal - $11.77 (90 day EMA)

“In daily chart, the pair is facing strong support at $9.91 (200 day MA) and any close below confirms minor weakness”, FxWirePro said in a statement.

Major resistance is around $11.77 (90 day EMA) and any break above targets $12/$12.20 (61.8% retracement of $15.23 and $7). On the other hand, major support is seen at $9.90 (200 day MA) and close below targets $8.50/ $7.