ETH/USD continues trading in the red in a narrow range on Wednesday as the pair trades in a symmetrical triangle pattern. It is currently trading at 251 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 266.01

Kijun-Sen: 316.75

On the upside, a decisive break above 262.66 (5-DMA) would target 271 (convergence of 10-DMA and trend line joining 417 and 315)/301 (20-DMA). Further strength would target 340 (61.8% retracement of 417 and 216.51)/371 (June 18 high)/417 (June 12 high).

On the downside, a decisive break below 252.86 (50-DMA) would drag the pair to 225 (61.8% retracement of 107.06 and 417)/206 (Cloud top)/186 (100-EMA). Further weakness would target 156 (100-MA).

Momentum studies: Overall trend appears bearish with RSI weak at 43, MACD line below the signal line and stochs biased lower.

Recommendation: Good to go short on a decisive break below 262. SL: 272. TP: 225/186.

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