ETH/USD is consolidating in a narrow range as it faces strong resistance at trend line joining 395 and 475. It is currently trading at 471 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 450.75
Kijun-Sen: 395.45
On the upside, a consistent break above 481 (trend line joining 395 and 498) would see the pair testing 500/521 (Upper Bollinger)/536 (113% extension of 201.28 and 498). Further strength would target 578/588 (200% retracement of 395 and 201.28)/600.
On the flipside, the pair is likely to find support at 457 (10-DMA) and a break below would target 427 (23.6% retracement of 201.28 and 498)/411 (20-DMA). Further weakness would drag it to 384/346 (50-DMA).
Momentum studies: Overall bias remains bullish on the daily chart as RSI is strong at 70, and major moving averages and stochs biased higher.
Recommendation: Good to go long on break above 481. SL: 420. TP: 500/536.
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