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FxWirePro: ETH/USD hovers around 20-DMA, close below to see further downside

ETH/USD broke below 20-DMA on Wednesday and dropped to 417 levels. The pair tried restoring its strength today but stopped short of 10-DMA. It is currently hovering around 20-DMA at 427 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 450.75

Kijun-Sen: 396.95

On the upside, a decisive break above 447 (10-DMA) would see the pair testing 484 (trend line joining 395 and 498)/500. Further strength would target 512 (Upper Bollinger)/ 536 (113% extension of 201.28 and 498)/ 578.

On the flipside, a close below 427 (20-DMA) would see further weakness in the pair, dragging it to 402 (November 30 low)/ 385 (38.2% retracement of 201.28 and 498)/352 (50-DMA).

Momentum studies: On the daily chart, MACD line is below the signal line, stochs are biased lower, and 5- and 10-DMA are biased lower and capping the price action. However, RSI is holding above the 50 mark at the time of writing.

Traders are preferred to wait for a confirmed signal on the daily chart.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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