ETH/USD continues to consolidate in a narrow range as it faces strong resistance at trend line joining 395 and 475. It is currently trading at 468 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 410.25

Kijun-Sen: 381.14

On the upside, a consistent break above 476 (trend line joining 395 and 475) would see the pair testing 502 (Upper Bollinger)/514 (161.8% retracement of 395 and 201.28). Further strength would target 538 (272.2% extension of 201.28 and 349.50)/559.

On the flipside, the pair is currently hovering around 457 (7-DMA) and a break below would see it testing 430 (10-DMA). Further weakness would target 383 (trend line joining 404.99 and 395)/377 (20-DMA).

Momentum studies: Overall bias remains bullish on the daily chart – major moving averages are biased sharply higher and MACD line is above the signal line. However, caution is advised as RSI and stochs are at overbought levels.

Minor bearishness could be seen only on a decisive break below 7-DMA.

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