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FxWirePro: ETH/USD consolidates trend line resistance breakout, bias bullish, stay long

ETH/USD is trading in a narrow range on Wednesday and has hit 338 levels so far in the day. It is currently trading at 335 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 312.99

Kijun-Sen: 307.35

On the upside, the pair faces resistance at 345 (August 21 high) and a consistent break above would see it testing 369 (127.2% retracement 349.50 and 277.70)/386 (trend line joining 404.99 and 395). Further strength would target 395 (September 01 high)/ 404 (June 12 high).

On the downside side, support is seen at 320 (5-DMA) and any violation would see the pair testing 298 (convergence of Cloud bottom and trend line joining 201 and 277)/277 (November 2 low). Further weakness would target 260 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with RSI strong at 61, MACD line above the signal line, and stochs on the verge of a rollover to the overbought levels.

Call Update: We recommended going long on break above 326. Our previous call is approaching is TP1.

Recommendation: Hold for targets.

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