ETH/USD is trading in a narrow range on Monday as it faces strong resistance from trend line joining 395 and 330. It is currently trading at 311 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 308.64

Kijun-Sen: 303

On the upside, the pair faces strong resistance at 326 (trend line joining 395 and 330) and a break above would target 349 (October 16 high)/395 (September 01 high)/404 (June 12 high).

On the downside side, support is likely to be found at 295 (trend line joining 201 and 277) and a break below would drag the pair to 277 (November 2 low)/257 (200-DMA).

Momentum studies: Bias appears bullish on the daily chart with RSI at 54, MACD line above the signal line, and stochs biased higher.

Recommendation: Good to go long on break above 326. SL: 290. TP: 349/395.

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