ETH/USD hit a fresh high of 231 levels on Wednesday, but turned red as bears flexed their muscles. It is trading slightly lower at 216 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 162.53

Kijun-Sen: 146.50

On the upside, the pair now faces resistance at 237.99 (127.2% retracement of 210 and 107.06) and a consistent break above would target 256 (127.2% extension of 40.12 and 210)/273/300.

Momentum studies remain bullish as RSI is strong at 63 and MACD line is above signal line on the daily chart.

On the downside, support is seen at 207 (2h 20-SMA) and a break below would see a dip till 174 (5-DMA)/137 (20-DMA). Further weakness would drag it to 107.06 (May 27 low).