ETH/USD continues trading in a close range on Friday as it faces strong trend line resistance at 300 levels. It is currently trading at 297 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 296.91

Kijun Sen: 312.75

On the upside, the pair faces strong resistance at 300 levels (trend line joining 349.50 and 313.67) and a break above would see it testing 308 (20-DMA)/321 (61.8% retracement of 349.50 and 276). Further strength would target 338 (trend line joining 395 and 349.50)/349 (October 16 high)/395 (September 01 high).

On the flipside, support is seen at 290 (100-DMA) and a break below would target 283 (trend line joining 201.28 and 276)/257 (61.8% retracement of 201.28 and 349.50). Further weakness would drag it to 236 (200-DMA).

Momentum studies: Bias appears neutral on the daily chart as the pair continues rangebound trade.

On the weekly chart, the pair has found strong support near 20-SMA. RSI is strong at 57, while MACD line is below the signal line and stochs are biased lower.

Recommendation: Wait for a confirmed signal on the daily charts.

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