ETH/USD is trading in an extremely close range on Tuesday as it faces strong trend line resistance at 307. It is currently trading at 298 levels at press time (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 300.72
Kijun-Sen: 257.86
On the upside, resistance is seen at 307 (convergence of trend line joining 395 and 314 and 50-DMA) and a break above would target 321 (61.8% retracement of 395 and 201.28)/ 353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).
On the flip side, support is seen at 286 (4h 200-SMA) and any violation would see it testing 281 (1w 20-SMA)/264 (50% retracement of 134.78 and 395). Further weakness would target 234/ 228 (trend line joining of 134.78 and 201.28)/214 (200-DMA).
Momentum studies: Overall Bias appears neutral on the daily chart as the pair continues trading in a tight range. RSI is at 50 and stochs have rollovered from the overbought levels, while MACD line is above the signal line.
Recommendation: Wait for clear directional bias.
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