ETH/USD broke back above 20-DMA on Wednesday and is currently trading at 46 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 48.08

Kijun-Sen: 36.81

On the upside, a close above 46.34 (20-DMA) could see a jump till 48.08 (convergence of daily Tenkan Sen and 7-DMA). A decisive break above this level would see further bullishness in the pair and would target 49.70 (61.8% retracement of 51.97 and 41.18)/51.90 (March 17 high).

The pair has taken support near 41 (23.6% retracement of 5.92 and 51.90) and any violation could see a dip till 37.60 (March 22 low)/34.33 (38.2% retracement of 5.92 and 51.90).