ETH/USD is hovering around 300 levels on Friday as it faces strong resistance at 50-DMA (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 294.50
Kijun-Sen: 259.63
On the upside, resistance is seen at 307 (50-DMA) and a break above would target 321 (61.8% retracement of 395 and 201.28)/337 (Cloud top). Further strength would see it testing 353/395 (September 01 high)/404.99 (June 12 high).
On the flip side, support is seen at 289 (20-DMA) and a break below would target 274 (1w 20-SMA)/ 234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 224 (trend line joining of 134.78 and 201.28/209 (200-DMA).
Momentum studies: On the daily chart, RSI is at 52, MACD line is above the signal line, and stochs are slightly biased higher.
However, on the weekly chart, 5-SMA is biased lower and MACD line is below the signal line, while RSI is at 59.
Recommendation: Wait for clear directional bias.
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