ETH/USD is trading in a narrow range on Friday with its upside capped by 7-DMA. It is currently trading at 43 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 47.99

Kijun-Sen: 39.06

On the upside, the pair is facing stiff resistance at 45.74 (7-DMA) and only a decisive break above would confirm further bullishness. A close above this level would see the pair testing 47.18 (April 05 high)/ 49.64 (61.8% retracement of 54.97 and 41).

On the flipside, 23.6% retracement of 5.92 and 51.90 rally is acting as a major support for the pair (41 levels) and a break below would confirm minor bearishness in the pair and would drag it to 37.60 (March 22 low)/34.33.

Traders are advised to wait for confirmed signal on daily charts as RSI is holding above 50, while MACD and Stochs suggest bearishness in the pair.