FxWirePro: ETH/USD holds above 5-DMA, weakness only on close below

ETH/USD continues trading in the red on Wednesday. It is currently trading at 379 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 327.45

Kijun-Sen: 260.03

On the upside, the pair faces resistance at 392 (200% extension of 107.06 and 250) and a break above would target 417 (June 12 high)/457 (113% extension of 107.06 and 417)/501.

On the downside, immediate support is seen at 376 (1h 50-SMA) and any violation would see a dip till 361 (5-DMA)/350 (1h 100-EMA)/298 (38.2% retracement of 107.06 and 417).

Momentum studies: RSI is strong at 68, MACD line is above signal line, and stochs are in overbought zone

Call Update: We gave a buy call around 350/360 in our previous call.

Recommendation: Bias is still higher. Weakness only on close below 5-DMA. Stay long.