ETH/USD turned red on Tuesday after it hit a fresh all-time high at 417 levels on Monday. It is currently trading at 360 levels at the time of writing (BTC-e).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 327.45
Kijun-Sen: 254.28
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.
Overall bias remains bullish as RSI is holding above 70, MACD line is above the signal line, and major moving averages are biased higher. The current dip could be seen as a buying opportunity.
On the downside, support is seen at 355 (1h 50-SMA) and any violation would see a dip till 337 (5-DMA)/298 (38.2% retracement of 107.06 and 417).
Recommendation: Good to go long around 350/360. SL: 340. TP: 392/417.
