ETH/USD is trading in a close range on Monday as it tries to hold above 7-DMA. It is currently trading at 710 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 583.71

Kijun-Sen: 555.55

On the upside, immediate resistance is seen at 712 (78.6% retracement of 738.97 and 613.01) and a break above would target 738 (December 14 high)/ 779 (113% extension of 430 and 738.97). Further strength would target 800/816.

On the downside, support is seen at 682 (7-DMA) and any violation would drag the pair to 641 (2h 90-EMA)/616 (10-DMA). Further weakness would see it testing 594 (3h 100-EMA)/ 530 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart with all major moving averages biased higher and MACD line above the signal line. Caution is advised as stochs and RSI are at overbought levels.

Watch out for a break above 738 levels for further upside.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest