ETH/USD remains rangebound on Friday as it fails to pick any significant upward momentum following the channel breakout. It is currently trading at 225 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 204.77

Kijun-Sen: 197.06

On the upside, resistance is seen at 248 (50-DMA) and a consistent break above would target 275 (Cloud top)/ 306 (61.8% retracement of 412.21 and 136.12). Further strength would see it testing 353/377 (June 18 high)/412 (June 12 high).

On the reverse side, support is seen at 207 (100-DMA) and a break below would drag it to 188 (trend line joining 136.12 and 176.95)/167 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/118 (200-DMA).

Momentum studies: We could see some consolidation around current levels in the absence of any significant upward momentum, with RSI and stochs suggesting neutral bias on the daily chart.

On the weekly chart, the pair is holding well above 5-SMA and RSI is strong at 58. However, bearish MACD crossover on the signal line could also be seen.

Recommendation: Wait for clear directional bias.

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