ETHUSD trades in a narrow range amid poor institutional demand. It hit a high of $3241 and is currently trading $3145.
Oscillators and moving averages to forecast the trend of ETHUSD
CMP- $3145
EMA (4-hour chart)
55-EMA- $3040
200-EMA- $3180
365-EMA- $3400. The pair trades above short and below the long-term moving average.
Major Support - $2960. Any breach below $2960 will drag the pair down to $2900/$2600/$2500/$2300/$2000.
Major Resistance - $3320. Any break above $3100 confirms minor bullishness, a jump to $3458/$3565/$3700/$4000.
Indicators (1-hour chart)
CCI(50)- Bullish
ADX- Bullish
5. Investment Strategy for ETHUSD
It is good to buy on dips around $2958-60 with a stop loss around $2700 for target profits of $3540/$3600.
