ETH/USD broke above the trend line resistance on Monday and hit 326 levels so far in the day. It is currently trading at 321 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 298.99

Kijun-Sen: 252.39

On the upside, a consistent break above 325 (double top resistance) would see the pair testing 337 (trend line joining 271.40 and 320)/347 (78.6% retracement of 404.98 and 134.78)/381 (June 18 high). Further strength would target 404 (June 12 high)/440.

On the flip side, a break below 301 (5-DMA) would see it testing 283 (20-DMA)/243 (50-DMA). Further weakness would drag the pair to 227 (100-EMA)/ 194 (1w 20-SMA).

Momentum studies: Bias appears bullish on the daily chart, with RSI strong at 66 and stochs biased higher. Bias is strong on the hourly as well as weekly charts.

Recommendation: Good to go long on dips around 320. SL: 283. TP: 337/347/381.

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