ETH/USD continues to trade in a tight range on Thursday as it consolidates channel breakout. It is currently trading at 224 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 204.77

Kijun-Sen: 197.06

On the upside, the pair will run into resistance at 250 (50-DMA) and a consistent break above would target 281 (Cloud top)/ 306 (61.8% retracement of 412.21 and 136.12). Further strength would see it testing 353/377 (June 18 high)/412 (June 12 high).

On the reverse side, support is seen at 204 (100-DMA) and a break below would drag it to 189 (trend line joining 136.12 and 176.95)/166 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/115 (200-DMA).

Momentum studies: Bias appears bullish on the daily chart with RSI at 51 with upward bias, MACD line above the signal line, and stochs biased higher. Bias appears bullish on the hourly charts as well.

Call Update: We had recommended going long in our previous call. The call still holds.

Recommendation: Bias higher, stay long. SL: 189. TP: 252/292.

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