ETH/USD fell to a low of 10.48 levels on Thursday mirroring the weakness in bitcoin price. It is trading at 10.94 levels at press time (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 11
Kijun-Sen: 10.56
In daily charts, the pair is trading rangebound today, taking support near 10.82 levels (21-DMA). The current dogi formation suggests market indecisiveness. A consistent break below 21-DMA is expected to see further weakness, targeting 10.70 (200-DMA)/10.48 (February 9 low)/10.
Momentum studies suggest bearish bias, as stochs point south, bearish crossover of MACD. RSI is flatlined for the day at 56, and a drop below 50 would confirm bearish bias.
The pair is facing resistance at 11 (10-EMA) and a break above would see it testing 11.23 (7-DMA)/11.54 (February 07 high).
