ETH/USD is continuing rangebound trading on Tuesday as it hovers around 250 levels hit on June 04. It is currently trading at 247 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 204.09

Kijun-Sen: 165.02

On the upside, a decisive break above 250 (June 04 high) would see the pair testing 256 (127.2% extension of 40.12 and 210) /273 (161.8% retracement of 210 and 107.06)/312.

On the daily chart, RSI is strong at 80, MACD line is above the signal line, and stochs suggest higher bias. Overall bias remains bullish. However, caution is advised as stochs and RSI are in the overbought zone.

On the downside, support is seen at 232.66 (5-DMA) and a break below would target 216.99 (10-DMA). 181.26 (20-DMA).