ETH/USD continues trading in the red on Monday as it broke below 5-DMA and hit 89 levels. It is currently trading at 92.50 levels at the time of writing (Bitfinex).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 83.85
Kijun-Sen: 73.35
On the upside, a close above 94.81 (5-DMA) would see further bullishness in the pair, targeting 101.70 (May 05 high)/109.58 (113% extension of 41 and 101.70).
The pair has taken support near 88 (10-DMA) and a break below would see dip till 78.53 (38.2% retracement of 41 and 101.70)/72.40 (20-DMA).
RSI is currently holding above 70. A rollover of RSI from the overbought zone, coupled with a break below 10-DMA, would see a dip till 20-DMA.
Traders are preferred to wait for a confirmed signal on daily charts.
