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30.07.201809:05 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Ethereum for July 30, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Cryptocurrency Ethereum has been moving sideways for the last few days. Trend according to the Ichimoku cloud indicator remains bearish. Price is below the Kumo (cloud) while price may have formed a bearish flag formation.

Exchange Rates 30.07.2018 analysis

Red lines - bearish flag

Resistance is at 472$ while support is at 440$ by the upward sloping red channel. Bulls need to continue making higher highs and higher lows and eventually a break above the cloud resistance at 512-560$. As long as price is below the cloud, bears will be under control of the trend. Short-term resistance at 470-480$ if broken could give Ethereum a push higher towards 510$ which is the first important resistance level.

Alexandros Yfantis
Analytical expert of InstaForex
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