ETH/USD trades in narrow range, eyes 12.40

ETH/USD closed above 90 EMA on Tuesday, however, traded flat today. It is currently trading at 12.22 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 9.73

Kijun Sen: 11.11

Trend reversal: 11.77 (90 EMA)

On the upside, major resistance is seen at 12.40 (100 day MA) and break above 13.46 levels (78.6% retracement of 15.23 and 7)/ 15.23 (July 22 high)/ 16.08 (June 22 high). On the flipside, support is seen at 11.77 (90 EMA) and a break below would drag the pair to 10.06 (200-day MA)/7.00 (August 2 low).