ETH/USD has restored his strength to above 20-DMA after it dropped to 402 levels earlier in the day. It is currently trading at 440 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 439.90

Kijun-Sen: 401.51

On the upside, the pair is hovering around 443 (10-DMA) and a break above would target 485 (trend line joining 395 and 498)/500. Further strength would target 508 (Upper Bollinger)/ 536 (113% extension of 201.28 and 498)/ 578.

On the flipside, the pair has found at 402 (November 30 low) and any violation would drag it to 385 (38.2% retracement of 201.28 and 498)/355 (50-DMA). Further weakness would see it testing 330 (100-DMA).

Momentum studies: On the daily chart, MACD line is below the signal line, while RSI is strong at 58. The pair’s upside is currently capped by 10-DMA and a consistent break above would see further bullishness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest