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FxWirePro: ETH/USD upside capped by 161.8% fib, break above confirms further bullishness

ETH/USD dropped to 30.30 levels on March 18 and found support near 10-DMA. It is currently trading at 42 levels press time(Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 35.27

Kijun Sen: 32.23

Overall trend appears bullish as the MACD line is above the signal line and RSI(14) is holding at 71.

On the upside, resistance is seen at 45.97 levels (161.8% extension of 5.92 and 30.67 rally) and a break above would see it testing 51.90 (March 17 high)/55.43.

On the flipside, support is seen at 39.51 (5-DMA) and any violation would drag it to 31.80 (10-DMA)/24.94 (20-DMA).

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