ETH/USD broke above 182 levels (161.8% extension of 40.12 and 128) and hit a fresh all-time high at 199 levels on Wednesday before closing at 185.50 levels. It is currently trading at 196 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 132.45

Kijun-Sen: 124.93

On the upside, the pair is now trading just shy of 200 levels (psychological) and decisive break above would target 219.65 (113% extension of 40.12 and 199)/242/297.

Overall trend remains bullish, however, caution is advised as stochs and RSI are in extremely overbought zone.

On the downside, support is seen at 186 (4h 10-SMA) and any violation would drag it to 170 (5-DMA)/161.50 (23.6% retracement of 40.12 and 199)/135 (10-DMA).