ETH/USD is struggling for a consitent break above the major trend line resistance joining 417 and 315. It is currently trading at 276 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 265.76

Kijun-Sen: 316.75

On the upside, a decisive break above 276 (trend line joining 417 and 315) would see the pair testing 306.67 (20-DMA)/ 340 (61.8% retracement of 417 and 216.51). Further strength would target 371 (June 18 high)/417 (June 12 high).

On the downside, support is seen at 249 (50-DMA) and any violation would drag it to 225 (61.8% retracement of 107.06 and 417)/196 (90-EMA). Further weakness would target 173/107.06 (May 27 low).

Momentum studies: On the daily chart, RSI continues to hold below 50, MACD line is below the signal line.

On the 4-hour chart, stochs, MACD, and RSI are biased higher and pair faces strong resistance at 287 (100-DMA). A consistent break above will see further upside

On the weekly chart, the pair is trading well below 5-SMA and stochs have rolled over from the overbought zone. However, RSI continues to hold above 70 and MACD line is above the signal line. Further bullishness in the pair would be confirmed only if it breaks above 5-DMA.

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