Solid ECN - Fundamental Analysis

[SOLIDECN]

Ethereum Faces Critical Pivot at $3,469​

Solid ECN—Ethereum is in a bear market, approaching the pivot at $3,469 in today's trading session. The pivot is backed by the descending trendline, which is considered a strong barrier. The momentum indicators have room left to become overbought, meaning the uptick momentum that began from $3,215 could result in targeting the upper resistance level.

If ETH/USD closes and stabilizes above the pivot, the 50% Fibonacci level could be the next target. The immediate support at 23.6% Fibonacci supports the current bullish wave.

Conversely, if the ETH/USD price dips below the 23.6% Fibonacci, the downtrend will likely resume. If this scenario unfolds, the first bearish barrier will be $3,341, and if the price dips below this level, the next resistance area will be the $3,215 mark.​

 

[SOLIDECN]

Oil Trading Narrow Range: Key Resistance at $81.7​

Solid ECN—Oil trades bullishly above the Ichimoku cloud and the 50% Fibonacci level. However, the black gold has been trading in a narrow range between the $81.7 resistance and the $80 support since June 16.

For the uptrend to resume, bulls must close above the immediate resistance at $81.7. If this scenario plays out, the next bullish target will be the 78.6% Fibonacci level at $83.

The 50% Fibonacci level is the support for the bullish scenario. If the price drops below $80, the consolidation phase could extend to the next support level at $78.9.​

 

[SOLIDECN]

USD/CNH Bullish Outlook Above 7.29​

Solid ECN—The USD/CNH dip from 7.3 was expected because the stochastic oscillator was hovering in overbought territory. In today's trading session, the pair tested the 7.29 immediate support, while technical indicators suggest the downtrend might resume, and the price might cross below the immediate resistance.

From a technical standpoint, the primary trend is bullish. The uptrend will likely resume if the USD/CNH price holds above 7.29. If this scenario unfolds, the 7.3 immediate resistance will be tested again.

Conversely, if the bears (sellers) drive the price below the 7.29 resistance, the consolidation phase could extend to lower supply zones, starting with the 7.285, backed by the Ichimoku cloud.​