ETH/USD is trading higher on Wednesday and has hit a fresh all-time high at 889 levels so far in the day. It is currently trading at 885 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 782.03

Kijun-Sen: 658.72

On the upside, a consistent break above 900 levels would run into resistance at 908 (113% retracement of 863 and 512)/958. Further strength would target 1000/1079.

On the downside, support is seen at 847 (2h 20-SMA) and any violation would drag the pair to 796 (4h 20-SMA)/761 (10-DMA). Further weakness would see it testing 743 (20-DMA)/ 706 (23.6% retracement of 201.28 and 863).

Momentum studies: Bias remains bullish on the daily chart with RSI strong at 71, stochs rolling over to the overbought zone, and MACD on the verge of a bullish crossover.

Some consolidation could be seen around current levels as on the 2h chart, MACD line is below the signal line and RSI is showing a turn from near overbought levels.

Call Update: We recommended going long in our previous call. The call is progressing well.

Recommendation: Hold for targets, stay long.

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