ETH/USD ran into resistance at 200-DMA but failed to break above this level. It is currently trading at 10.53 levels at press time (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 9.93
Kijun-Sen: 9.32
Trend reversal: 9.57
On the upside, strong resistance is seen at 10.78 levels and a consistent break above would target 11.09 (78.6% retracement of 11.63 and 9.16)/11.63 (January 05 high). Momentum studies suggest further upward bias – RSI(14) is at 64 and a bullish MACD crossover.
On the flip side, the pair is likely to find support near 9.97 (7-DMA) and any violation would target 9.73 (21-DMA)/9.51 (78.6% retracement of 9.16 and 10.79).
