FxWirePro: ETHUSD declines slightly on rumors of US regulatory meeting, good to buy on dips
ETHUSD declined almost more that 15% from the high of $797 made on May 6th 2018. Ethereum was in lime light once again after market rumor is that US regulators are scheduled to discuss whether to treat crypto currency as…
ETHUSD declined almost more that 15% from the high of $797 made on May 6th 2018. Ethereum was in lime light once again after market rumor is that US regulators are scheduled to discuss whether to treat crypto currency as a security.
This might be rumor also as there was not official announcements yet on meeting. The pair has taken support near 100 –day MA and shown a good recovery from that level. The major support is around 655-632 (200- day MA and 55- day EMA) and is acting as demand zone. Any convincing close below this level will drag the pair down till 565/541 (61.8% fib)/452.
On the higher side, 800 is acting as major resistance any violation above will take the pair to next level till 895/979.
It is good to buy on dips around 655-660 with SL around 560 for the TP of 800/885.
