ETH/USD surged higher on Monday and has hit a fresh all-time high at 415 levels so far in the day. It is currently trading at 391 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 230.50

Kijun-Sen: 169.02

On the upside, the pair faces resistance at 413.24 (127.2% extension of 107.06 and 347.76) and a close above would see it testing 452 (241.4% extension of 107.06 and 250)/496.

Bears seem to have flexed their muscles as the pair hit 415 levels, however, overall bias remains bullish. Mometum studies: RSI is at 90, MACD line above the signal line, and the pair holding above 7-DMA. However, caution is advised as stochs and RSI are in the overbought zone.

Support is seen at 353 (1h 10-SMA) and a break below would target 315 (5-DMA)/278 (10-DMA)/232 (20-DMA).

Recommendation: Good to go long on dips around 341/361. SL: 290. TP: 452/496.