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FxWirePro: ETH/USD hits fresh all-time high at 879, bias bullish, good to go long on dips

ETH/USD has hit a fresh all-time high at 879 levels so far in the day and is currently trading at 858 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 772.50

Kijun-Sen: 640.50

On the upside, resistance is seen at 908 (113% retracement of 863 and 512) and a consistent break above would see it testing 958/1000. Further strength would target 1079.

On the downside, support is seen at 830 (1h 10-SMA) and any violation would drag it to 801 (2h 10-SMA)/ 733 (20-DMA). Further weakness would see it testing 706 (23.6% retracement of 201.28 and 863)/681 (1w 5-SMA)/620 (4h 200-SMA).

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 70, stochs on the verge of a rollover to the overbought zone, and MACD almost on the verge of a bullish crossover. Intraday bias appears bullish as well.

Recommendation: Good to go long on dips around 820. SL: 730. TP: 900/958.

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