ETH/USD is trading in an extremely tight range as its upside is being capped by 10-DMA. It is currently trading at 296 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 301 levels (10-DMA) and a break above would see it testing 308 (20-DMA)/321 (61.8% retracement of 349.50 and 276). Further strength would target 339 (trend line joining 395 and 349.50)/349 (October 16 high)/395 (September 01 high).

On the flipside, support is seen at 289 (100-DMA) and a break below would target 281 (trend line joining 201.28 and 276)/257 (61.8% retracement of 201.28 and 349.50). Further weakness would drag it to 235 (200-DMA).

Momentum studies: Bias appears bearish on the daily chart with RSI weak at 46, MACD line below the signal line. However, stochs have rolled over from the oversold zone.

The pair is extremely rangebound and a break below the trend line support at 281 would see further bearishness.

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