ETH/USD is continuing its upward trend on Monday and has hit a fresh all-time high at 1191 levels so far in the day. It is currently trading at 1150 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 941

Kijun-Sen: 851.50

On the upside, the pair is likely to run into resistance at 1214 (200% retracement of 863 and 512) and a break above would target 1271(161.8% extension of 201.28 and 863)/1300. Further strength would target 1359/1400.

On the downside, support is seen at 1106 (1h 20-SMA) and any violation would drag it to 1066 (2h 20-SMA)/1033 (5-DMA). Further weakness would target 1007 (2h 50-SMA)/948 (2h 90-EMA)/916 (10-DMA)/821 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart with no sign of reversal. All major moving averages are biased higher and MACD line is above the signal line. However, caution is advised as stochs and RSI are at overbought levels.

We could see some consolidation around current levels as on the 1h chart (see image below), RSI and stochs are on the verge of a roll over from the overbought zone. Any dips could be seen as a fresh buying opportunity.

Call Update: We recommended staying long in our previous call. The pair has hit both the targets.

Recommendation: Book partial profits, stay long. Good to go long on dips around 1110/1120

Trail SL to 1000. TP: 1200/1214/1271.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest