FxWirePro: ETH/USD hovers around 20-DMA, close above targets 321
ETH/USD is hovering around 20-DMA at 308 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 294.83 Kijun-Sen: 312.75 On the upside, a decisive break above 308 (20-DMA) would target 321 (…
ETH/USD is hovering around 20-DMA at 308 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 294.83
Kijun-Sen: 312.75
On the upside, a decisive break above 308 (20-DMA) would target 321 (61.8% retracement of 395 and 201.28)/ 353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).
On the flip side, support is seen at 298 (Cloud top) and any violation would see it testing 289 (convergence of 90-EMA and trend line joining 201.28 and 276)/275 (50% retracement of 201.28 and 349.50). Further weakness would drag it to 257/233.
Momentum studies: On the daily chart, RSI is at 53, stochs are biased higher, and MACD appears to be on the verge of a bullish crossover. A close above 20-DMA is likely to see a jump till 321 levels.
The $0.131 mark was the late-September high; a revisit would depend on Bitcoin (BTC) strengthening and crypto-market sentiment improving. No timeframe was given.
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