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FxWirePro: ETH/USD extends consolidation after finding support at 20-DMA, bias neutral

ETH/USD is extending consolidation on Friday after it found support near 20-DMA on December 28. It is currently trading at 747 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 665.80

Kijun-Sen: 632.50

On the upside, resistance is seen at 787 (78.6% retracement of 863 and 512) and a break above would target 800. Further strength would see it testing 863 (December 19 high)/908/958.

On the downside, the pair has found support near 692 (20-DMA) and any violation would drag the pair to 638 (38.2% retracement of 276 and 863)/603 (1w 5-SMA). Further weakness would see it testing 569/512 (December 22 low).

Momentum studies: Bias appears neutral on the daily chart. RSI is strong at 63, while MACD line is below the signal line, and stochs are almost flat.

Intraday bias appears bullish on the hourly charts.

On the weekly chart, bias appears bullish with RSI strong at 77, MACd line is above the signal line, and major moving averages biased higher.

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January 19 13:00 UTC Released

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1.8 0

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2.7 %

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2.4 %

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