ETH/USD is moving further south on Friday and is inching closer to 200 levels (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 275.73
Kijun-Sen: 301.97
On the upside, resistance is seen at 229 (1h 20-SMA) and a break above would see the pair testing 245 (2h 20-SMA)/260 (5-DMA)/275 (1h 100-SMA). Further strength would target 290 (10-DMA)/323 (20-DMA)/348 (September 06 high).
On the flip side, support is seen at 196 (23.6% retracement of 134.78 and 395) and a consistent break below would drag the pair to 181 (200-DMA)/134 (July 16 low). Further weakness would see it testing 110 (May 27 low).
Momentum studies: Bias remains bearish on the daily chart with RSI and stochs at oversold levels and MACD line below the signal line. Bias is bearish on the weekly chart as well with the pair trading well below 20-SMA, stochs and RSI biased lower and bearish MACD crossover.
Call Update: We recommended staying short in our previous call. The pair has hit the target.
Recommendation: Watch out for a break below 180 levels.
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