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FxWirePro: ETH/USD upside capped by trend line resistance at 480, good to go long on close above 55-EMA

Thu, 26 Jul 2018, 11:27 am UTC

ETH/USD is hovering around 50-DMA at 480 levels at the time of writing (Coinbase).

On the upside, a break above 480 (convergence of 50-DMA and trend line joining 828.97 and 515.88) would see the pair testing the 495 (55-EMA). Further strength would target 515 (July 18 high)/ 529 (90-EMA)/567 (100-DMA).

On the downside, support is seen at 462 (20-DMA) and any violation would drag it to 421 (lower Bollinger)/400.

Momentum Studies: Bias appears to be turning bullish on the daily chart and a close above 55-EMA would confirm further bullishness in the pair.

Recommendation: Good to go long on close above 55-EMA. SL: 420. TP: 515/530/560.

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