FxWirePro: ETH/USD rejected at 21-DMA, good to go short below 7.40
ETH/USD fell to 7.72 levels on Thursday and is currently trading at 7.83 levels, well below 21-day MA, the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 8.08 Kijun-Sen: 8.11 Trend reversal: 10.12…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD fell to 7.72 levels on Thursday and is currently trading at 7.83 levels, well below 21-day MA, the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 8.08
Kijun-Sen: 8.11
Trend reversal: 10.12 (90-EMA)
On the upside, immediate resistance is seen at 8.23 (21-day MA) and a break above would take the pair to 8.62 (61.8% retracement of 10.30 and 5.92)/8.89 (December 08 high). Minor bullishness could be expected only if it breaches 9.30 levels (trend line joining 14.45 and 12).
On the reverse side, the pair is likely to find support at 7.76 levels (38.2% retracement of 5.92 and 8.89) and any violation would drag it to 7.40 (trend line joining 12.30 and 8.67)/ 7 (August 02 low).
A one-hour tally put long liquidations at $230,000 across Binance, Bybit and OKX, versus $10,000 for shorts; Binance’s earlier four-hour snapshot showed a 3.50% decline.
