ETH/USD continues to trade in a narrow range on Thursday, with its upside capped by 10-DMA. It is currently trading at 12.74 levels at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 12.48

Kijun-Sen: 11.99

On the upside, a decisive break above 10-DMA would target 12.90 (February 50% retracement of 13.28 and 12.22) /13.16 (161.8% retracement of 11.63 and 9.16)/ 13.58 (February 14 high).

Overall bias remains neutral with no definite signal. The pair appears largely flat in the 4-hour and 1-hour chart. In the latter, the pair has broken below the major support level of 1H 200-SMA and has taken support near Cloud top.

In the daily chart, support is seen at 12.52 levels (trend line joining 10.48 and 12.22) and a break below would drag it to 12.22 (February 21 low)/11.97 (20-DMA).