ETH/USD has restored its strength to 800 levels after it dipped to 710 levels on December 20. It is currently trading at 806 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 716.77

Kijun-Sen: 632.50

On the upside, a decisive break above 808 (113% extension of 201.28 and 738.97) would see the pair testing 830 (127.2% extension of 402 and 738.97)/ 863 (December 19 high)/ 877 (Upper Bollinger)/900. Further strength would see it testing 947/1000.

On the downside, support is seen at 750 (7-DMA) and a break below would target 724 (10-DMA)/686 (38.2% retracement of 402 and 863)/648 (4h 90-EMA)/594 (2h 200-SMA)/587 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart as the pair is holding well above 7-DMA. MACD line is above the signal line and major moving averages are biased higher. Caution is advised as stochs and RSI are in the overbought zone.

We could see some consolidation around current levels and a decisive break above 810 would see further upside in the pair.

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