ETH/USD broke above 5-DMA on Wednesday, but could not hold its strength and is trading in the red today. It is currently trading at 205 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 223

Kijun-Sen: 273.68

On the upside, the pair faces resistance at 231 (10-DMA) and a break above would target 255 (20-DMA)/267 (50-DMA). Further strength would see it testing 278 (trend line joining 107.06 and 216.51)/297 (Cloud top)/ 315 (June 28 high).

On the downside, the pair hovering around 201 (90-EMA) and a consistent break below would target 170 (100-MA)/139 (1w 20-SMA). Further weakness would see it testing 107 (May 27 low).

Momentum studies: Overall trend remains bearish as MACD line is below the signal line and RSI is weak at 37 on the daily chart. Bias remains weak on weekly as well as intraday charts.

Call Update: We recommended staying short in our call on July 11.

Recommendation: Hold for targets. SL: 244. TP: 170/139.

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