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FxWirePro- ETHUSD Short-term Outlook

Potential Reversal Zone- $750

Key Highlights

ETHUSD was one of the worst performers this year and lost more than $2500 on board-based crypto selling.  A hawkish rate hike was a major reason for the decline of riskier assets like BTC. The collapse of FTX has dragged Ethereum further down.  It hits a low of $880 on June 18th, 2022, and currently trading around $1196.10.

Major support - $880. Any violation below this level confirms major weakness. A dip till $830/$750.The pair holds below monthly Tenken-Sen ($2231) and Kijun-Sen ($2600). Any close below Ichimoku cloud ($750) confirms further bearishness.

A short-term trend reversal may happen if Ethereum closes above $1360. A jump to $1450/$1676 is possible.

 

Indicators (Monthly chart)

 

RSI- downtrend (45)

It is good to buy on dips around $850 with SL around $750 for TP of $2000

Resistance

 

R1- $1250

 

R2- $1360

 

R3- $1475

 

Support

 

S1- $880

 

S2- $750

 

S3- $600                              

 

  • Market Data
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