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FxWirePro: ETH/USD consolidates below trend line resistance at 482, bias neutral

ETH/USD continues to trade in a narrow range on Tuesday as it faces strong trend line resistance 482. It is currently trading at 461 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 450.75

Kijun-Sen: 395.45

On the upside, a decisive break above 482 (trend line joining 395 and 498) would target 500/522 (Upper Bollinger)/536 (113% extension of 201.28 and 498). Further strength would see the pair testing 578/588 (200% retracement of 395 and 201.28)/600.

On the flipside, the pair is likely to find support at 456 (10-DMA) and a break below would target 427 (23.6% retracement of 201.28 and 498)/418 (20-DMA). Further weakness would drag it to 384/349 (50-DMA).

Momentum studies: On the daily chart, RSI’s turn from near overbought levels and bearish MACD crossover suggest some weakness in the momentum. The price action is almost flat and a break below 10-DMA would see minor bearishness in the pair. Traders are preferred to wait for a confirmed signal on the daily chart.

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