ETH/USD continues rangebound trading on Wednesday, with its upside capped by 10-DMA. It is currently trading at 44 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 44.09

Kijun-Sen: 42.63

On the upside, the pair is currently hovering around 10-DMA at 44 levels. A consistent break above would see the pair testing 47.22 (20-DMA)/ 49.64 (61.8% retracement of 54.97 and 41).

On the flip side, support is seen at 41 levels (23.6% retracement of 5.92 and 51.90 rally) and a break below would confirm minor bearishness in the pair, dragging it to 37.60 (March 22 low)/34.33. Traders are advised to wait for confirmed signal on daily charts.