ETH/USD is continuing its uptrend on Friday and trading just shy of the 400 mark. It is currently trading at 392 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 355.50

Kijun-Sen: 326.67

On the upside, resistance is now seen at 404.99 (June 12 high) and break above would target 440 (113% retracement of 404 and 134)/478. Further strength would see it testing 500/547 (161.8% extension of 134 and 390).

On the flip side, support is seen at 376 (5-DMA) and any violation would drag it to 353 (10-DMA)/327 (20-DMA)/292 (38.2% retracement of 134.78 and 390)/262.

Overall bias is bullish as RSI is strong at 80, major moving averages are biased higher, and MACD line is above the signal line. However, caution is advised as stochs are at overbought levels.

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