ETH/USD continues to trade in a narrow range, maintaining its strength above the 7.50 mark. It is currently trading at 7.74 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 8.05
Kijun-Sen: 7.85
Trend reversal: 9.87 (90-EMA)
On the topside, the pair faces resistance at 7.96 (21-day MA) and a break above would target 8.36 (61.8% retracement of 8.89 and 7.50)/8.60.
On the flip side, the pair has taken support near 7.50 (December 17 low). The overall trend remains bearish and any violation of 7.50 levels would see it testing 7.10 (trend line joining 12.30 and 8.67)/ 7 (August 02 low). A break below 7.10 levels would further open the way for a decline till 5.92 (December 06 low).
