ETH/USD broke above 20-DMA on January 28 and closed at 1221 levels. However, the pair failed to hold above the 1200 mark and is currently trading at 1169 levels at the time of writing (Kraken).

On the upside, a consistent break above 1197 (1h 20-SMA) would see the pair testing 1274 (61.8% retracement of 1594.89 and 755)/1300. Further strength would target 1366 (January 10 high)/1379 (Upper Bollinger)/1415.

On the downside, the pair is currently holding above 1138 (20-DMA) and a break below would target 1085 (10-DMA)/ 1053 (50% retracement of 512 and 1594.89). Further weakness would drag it to 1000/987 (trend line joining 512 and 910)/925.

Momentum studies: Bias appears to be turning bullish on the daily chart with RSI at 58, stochs biased higher, MACD on the verge of a bullish crossover and the pair holding above 20-DMA.

Some bearishness could be seen on the intraday charts and a break below 1h 50-SMA (1149) would see further downside.

Recommendation: Wait for clear directional bias.

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