FxWirePro: ETH/USD hovers around 161.8% fib, good to go long on break above
ETH/USD is consolidating in a narrow range between 42 and 45 levels on Friday. It is currently trading at 43 levels at press time (Kraken). Ichimoku analysis of daily chart: Tenkan Sen: 39.95 Kijun Sen: 32.61 On the upsi…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD is consolidating in a narrow range between 42 and 45 levels on Friday. It is currently trading at 43 levels at press time (Kraken).
Ichimoku analysis of daily chart:
Tenkan Sen: 39.95
Kijun Sen: 32.61
On the upside, the pair faces strong resistance at 45.97 levels (161.8% extension of 5.92 and 30.67 rally) and a break above would see it testing 51.90 (March 17 high)/55.43.
Overall bias is bullish for the pair: RSI(14) is strong at 71; MACD line is above signal line.
Support is seen at 42 (5-DMA) and a break below would see a dip till next major support level at 39.42 (10-DMA). Further weakness would drag it to 37.60 (March 22 low)/34.33 (38.2% retracement of 5.92 and 51.90)/30.30 (March 18 low).
