FxWirePro: ETH/USD takes support at 7, go short on break below 6.80
ETH/USD is trying to maintain strength above the 7.00 mark and is currently trading at 7.29 levels at press time (Kraken). Long-term trend: Bearish Short-term trend: Bearish Ichimoku analysis (Daily chart): Tenkan-Sen: 7…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD is trying to maintain strength above the 7.00 mark and is currently trading at 7.29 levels at press time (Kraken).
Long-term trend: Bearish
Short-term trend: Bearish
Ichimoku analysis (Daily chart):
Tenkan-Sen: 7.54
Kijun-Sen: 7.40
Trend reversal: 9.61 (90-EMA)
On the topside, the pair faces immediate resistance at 7.50 levels (psychological) and a break above would target 7.83 (21-day MA)/7.95 (50% retracement of 8.89 and 7.01)/8.17.
On the flip side, any violation of 7.00 levels would drag the pair to 6.82 (trend line joining 12.30 and 8.67)/6.55 (78.6% retracement of 5.92 and 8.89)/ 5.92 (December 06 low).
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