ETH/USD dropped to 288 levels on Thursday before it successfully closed above 10-DMA at 349 levels. It is currently trading at 355 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 329.60

Kijun-Sen: 262.03

On the upside, the pair faces resistance at 366 (5-DMA) and a break above would see it testing 389 (78.6% retracement of 417 and 288)/417 (June 12 high)/433.

On the downside, the pair’s downfall on June 15 found support at 4h 90-EMA. Immediate support is seen at 325.80 (10-DMA) and a break below would target 293.57 (4h 90-EMA)/271 (20-DMA)/225 (61.8% retracement of 107.06 and 417).

Momentum studies: On the daily chart, RSI is holding at 75 and MACD line is above the signal line, while stochs have rolled over from the overbought zone.

Recommendation: Good to go long on a break above 5-DMA.