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FxWirePro- ETHUSD Daily Outlook

Double top $1300

 

Potential Reversal Zone-  $832

 

Key Highlights

 

ETHUSD declined more than $500 after forming a double top around $1310.  The pair formed a bottom around $1074 after the collapse of the FTX exchange.  It hits a low of $1219.50 and currently trading around $1225.60.

 

It is trading well below the 4-hour Ichimoku Kumo cloud confirming the minor weak trend.

 

Major support - $1200. Any violation below this level confirms intraday weakness. A dip till $1070/$880/$830.

 

The pair holds below Tenken-Sen ($1248) and Kijun-Sen ($1262). Tenken-Sen crosses above Kijun-Sen in the daily chart show bulls are in control and better to wait and go short.

 

A short-term trend reversal may happen if Ethereum closes above $1310. A jump to $1375/ $1450/$1676 is possible.

 

Indicators (4-hour chart)

 

RSI- uptrend (above 35)

 

It is good to buy on dips around $1000 with SL around $800 for TP of $2000

Resistance

 

R1- $1310

 

R2- $1375

 

R3- $1450

 

Support

 

S1- $1200

 

S2- $1070

 

S3- $830                              

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