ETH/USD continues to struggle to break above 200-DMA and is currently trading at 10.70 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 10.61
Kijun-Sen: 10.17
On the upside, the pair is unable to hold its strength above 200-DMA (10.75) and is facing stiff resistance at 10.92 levels (trend line joining 11.63 and 11.19). A break above would see further upside, targeting 11.19 (January 23 high)/11.63 (January 05 high).
Weekly charts suggest a possibility for further uptrend: Stochs point north, RSI (14) is holding above 50. Also, on the daily chart, the pair is holding its strength above 20-DMA as well as 5-DMA.
On the flip side, the pair has taken support near 10.57 (5-DMA) and any violation would drag it to 10.40 (21-DMA)/9.93 (61.8% retracement of 9.16 and 11.19).
