ETH/USD failed to break above the 400 mark and turned red. It has fallen to 307 levels so far in the day and is currently trading at 318 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 351.36
Kijun-Sen: 333
On the upside, a break above 358 (10-DMA) would see the pair testing 395 (September 01 high)/404.99 (June 12 high). Further strength would see it testing 440 (113% retracement of 404 and 134)/478/500/547 (161.8% extension of 134 and 390).
On the flip side, support is seen at 300 (trend line joining 134.78 and 177.80) and a break below would drag it to 275 (100-DMA)/ 238 (1w 20-SMA)/190 (78.6% retracement of 134.78 and 395)/ 166 (200-DMA).
Momentum studies have turned bearish with RSI, MACD, and stochs biased lower. The pair has found support near 308 (4h 200-SMA) and a break below will see further downside, targeting 275/238.
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