ETH/USD is continuing its choppy trade on Friday. It is currently trading at 199 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 214.74

Kijun-Sen: 210.05

On the upside, a break above 206 (20-DMA) would see the pair testing 215 (channel top)/258 (July 18 high)/266 (50-DMA). Further strength would target 306 (61.8% retracement of 412.21 and 136.12)/353/377 (June 18 high).

On the flipside, a break below 196 (100-DMA) would drag the pair to 158 (1w 20-SMA)/136 (July 16 low). Further weakness would drag it to 110 (200-DMA)/86 (trend line joining 265 and 136).

Momentum studies: Bias remains weak on the daily chart with RSI at 43 and stochs biased lower. Weakness could also be seen on the weekly chart with RSI at 57 with lower bias, bearish MACD crossover on the signal line, and Stochs also biased lower.

Recommendation: Good to go short on break below 196. SL: 252. TP: 158/136.

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