FxWirePro: ETH/USD trades in narrow range, break below trend line support targets 250
ETH/USD continues to trade in a narrow range on Monday as it hovers around 300 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 293.85 Kijun-Sen: 312.75 On the upside, immediate resist…
ETH/USD continues to trade in a narrow range on Monday as it hovers around 300 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 293.85
Kijun-Sen: 312.75
On the upside, immediate resistance is seen at 305 (4h 200-SMA) and a break above would target 326 (trend line joining 395 and 349.50)/ 349 (October 16 high). Further strength would see it testing 395 (September 01 high).
On the downside side, support is seen at 284 (trend line joining 201 and 277) and a break below would see it testing 257 (61.8% retracement of 201.28 and 349.50)/250 (200-DMA)/234.
Momentum studies: Overall bias appears neutral as the pair continues rangebound trade. Traders are preferred to wait for a confirmed signal on the daily charts.
