ETH/USD has broken above the 500-mark and hit a fresh all-time high at 534.12 as it breached the trend line resistance joining 404.99 and 498.90. It is currently trading at 520 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 468.06

Kijun-Sen: 428.81

On the upside, a consistent break above 537 (113% extension of 201.28 and 498.90) would see the pair testing 558 (161.8% retracement of 498.90 and 402)/579. Further strength would target 600.

On the downside, support is seen at 492 (1h 20-SMA) and a break below would target 470 (5-DMA)/454 (20-DMA). Further weakness would drag it to 428 (23.6% retracement of 201.28 and 498.90)/402 (December 8 low).

Momentum studies: Bias appears to be turning bullish on the daily chart with the pair breaking above the major trend line resistance, RSI strong at 66, MACD on the verge of a bullish crossover, and major moving averages biased higher.

Recommendation: Good to go long on dips around 510/520. SL: 385. TP: 537/558/579.

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