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FxWirePro: ETH/USD briefly breaches 50 and plunges, finds support near 2H 50-SMA

ETH/USD broke above the 50 mark on Friday and hit a fresh all-time high at 51.90 levels. However, it failed to hold its strength and dropped to 33.10 levels. It is currently trading at 40 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 30.28

Kijun Sen: 28.61

With the recent price surge, the market cap of Ethereum moved closer to $5 billion. It is currently stands at $3.95 billion.

The pair is trading in the red and has taken support near 2H 50-SMA. Traders are advised to wait for a clear signal on the intraday charts.

On the upside, resistance is seen at 45.97 levels (161.8% extension of 5.92 and 30.67 rally) and a break above would see it testing 51.90 (today’s high)/55.43.

On the flipside, support is seen at 33.49 (2H 50-SMA) and a break below would target 30.29 (2H 90-EMA)/28.91 (50% retracement of 5.92 and 51.90 rally).

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March 27 08:00 UTC Released

DEIfo Expectations*

Actual

105.7

Forecast

104.3

Previous

104.0

March 27 08:00 UTC Released

DEIfo Business Climate*

Actual

112.3 %

Forecast

111.0 %

Previous

111.0 %

March 27 11:30 UTC 4646m

TRLoans to Non-Fin

Actual

Forecast

Previous

75.4 %

March 27 11:30 UTC 4646m

MXManufacturing Confidence*

Actual

Forecast

Previous

105.3 %

March 27 11:30 UTC 4646m

TRManufacturing Confidence*

Actual

Forecast

Previous

105.3 %

March 27 13:00 UTC 136136m

MXManufacturing Confidence*

Actual

Forecast

Previous

2.10 %

March 27 13:00 UTC 136136m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

-3.294 %

March 27 13:00 UTC 136136m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

0.40 %

March 27 13:00 UTC 136136m

KRTrade Balance SA*

Actual

Forecast

Previous

-0.783 bln $

March 27 13:00 UTC 136136m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

0.40 %

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