ETH/USD has hit a fresh all-time high at 475 levels on Monday and is currently trading at 464 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 407.55

Kijun-Sen: 376.35

On the upside, a consistent break above 471 (trend line joining 395 and 470) would see the pair testing 504 (113% extension of 201.28 and 470)/514 (161.8% retracement of 395 and 201.28). Further strength would target 543/588.

On the downside, support is seen at 452 (5-DMA) and a break below would see the pair testing 444 (2h 50-SMA)/406 (10-DMA). Further weakness would drag it to 384 (trend line joining 404.99 and 395)/362 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart with no sign of reversal – RSI is strong at 79, MACD line above the signal line, and major moving averages biased sharply higher.

Call Update: We recommended going long in our previous call. The pair has hit TP1. Call is progressing well.

Recommendation: Book partial profits, stay long. Trail stop loss to 400. TP: 479/504.

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