ETH/USD continues rangebound trading on Tuesday as it faces stiff resistance at 50.00 levels. It is currently trading at 48 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 46.53

Kijun-Sen: 47.99

On the upside, a close above 50.00 levels (psychological) would see the pair testing 51.90 (March 17 high)/52.20 (upper Bollinger)/54.97 (March 30 high).

Support is seen at 46.74 (20-DMA) and any violation would drag it to 43.32 (23.6% retracement of 15.56 and 51.90)/41 (23.6% retracement of 5.92 and 51.90 rally)/ 37.60 (March 22 low).

Following the pair’s bearish divergence on RSI on the daily chart, there is a convergence between the RSI and the price action, with the pair making lower highs. Also, the pair is extremely rangebound and is currently capped by-5-DMA. Traders are preferred to wait for a confirmed signal on daily charts.