ETH/USD has bounced off 10-DMA support on Friday and is currently trading at 1203 levels at the time of writing (Coinbase).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 1146.50

Kijun-Sen: 923.49

On the upside, a consistent break above 1217 (1h 100-DMA) would see the pair testing 1238 (4h 20-SMA)/1271 (61.8% retracement of 1386.99 and 1083.97). Further strength would target 1318 (Upper Bollinger)/1386 (January 10 high)/1400.

On the downside, support is seen at 1168 (23.6% retracement of 460 and 1386.99) and any violation would drag it to 1119 (4h 50-SMA)//1098 (10-DMA). Further weakness would see it testing 1032/1009 (3h 100-SMA)/923 (20-DMA).

Momentum studies: Bias appears bullish on the daily chart as RSI is strong at 70, MACD line is above the signal line, and the pair is holding well above 10-DMA.

The pair is consolidating in a narrow range in the past couple of hours and a close above 5-DMA would confirm further upside.

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