FxWirePro: ETH/USD upside capped by 200% fib, consistent break above confirms further bullishness
ETH/USD hit a fresh high of 54.97 on Thursday and is currently at 51 levels at the time of writing (Kraken). Ichimoku analysis (Daily chart): Tenkan-Sen: 46.28 Kijun-Sen: 35.26 The pair has formed a bullish flag pattern,…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
ETH/USD hit a fresh high of 54.97 on Thursday and is currently at 51 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 46.28
Kijun-Sen: 35.26
The pair has formed a bullish flag pattern, with upside capped by 55.43 (200% extension of 5.92 and 30.67 rally). A consistent break above would confirm further bullish run, targeting 57.87(113% extension of 5.92 and 51.90)/60.
The pair has taken support near 47.84 (7-DMA), and a break below would see a dip till 46.16 (10-DMA). Further weakness would drag the pair to 43.32 (23.6% retracement of 15.56 and 51.90)/37.74 (20-DMA).
Caution is advised on account of bearish RSI divergence and stochs in the overbought zone. Watch out for a close below 10-DMA for signs of minor bearishness.
Consumer applications made up about 80% of Solana’s total. Hyperliquid recorded $86.5 million, ahead of Ethereum at $53.8 million and Robinhood Chain at $34.6 million.
