ETH/USD is trading higher on Wednesday and had broken above 20-DMA. It is currently trading at 344 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 338.15

Kijun-Sen: 333

On the upside, resistance is now seen at 356 (10-DMA) and a break above would see the pair testing 395 (September 01 high)/404.99 (June 12 high). Further strength would see it testing 425 (127.2% retracement of 395 and 281)/465/500.

On the flip side, support is likely to be found at 306 (trend line joining 134.78 and 177.80) and a decisive break below would target 284 (trend line joining 404.99 and 320)/ 267 (90-EMA). Further weakness would drag it to 239 (1w 20-SMA)/ 190 (78.6% retracement of 134.78 and 395)/169 (200-DMA).

On the daily chart, RSI has climbed back above 50, while MACD line is below the signal line. However, bias appears bullish on the hourly charts.

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