ETH/USD is trading lower on Thursday and hovering around 5-DMA at 1193 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 1108.83
Kijun-Sen: 939.33
On the upside, resistance is seen at 1255 (1h 50-SMA) and a break above would target 1271 (161.9% extension of 201.28 and 863)/1300. Further strength would see target 1330 (161.8% retracement of 1191 and 966.01)/1400.
On the downside, support is seen at 1130 (7-DMA) and a break below would see it testing 1101 (2h 90-EMA)/1065 (10-DMA). Further weakness would drag it to 983 (4h 90-EMA)/939 (50% retracement of 512 and 1366)/894 (20-DMA).
Momentum studies: On the daily chart, RSI is at 75, MACD line is above the signal line, and major moving averages are biased higher. Overall bias is bullish as long as the 10-DMA support holds.
A break below 10-DMA, coupled with a rollover of stochs and RSI from overbought levels, would see further downside in the pair.
Recommendation: Wait for clear directional bias.
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