ETH/USD continues trading in the red on Tuesday as it failed to break above 50-DMA. It is currently trading at 291 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 295.50

Kijun-Sen: 269.62

On the upside, a consistent break above 307 (50-DMA) would see the pair testing 321 (61.8% retracement of 395 and 201.28)/335 (Cloud top). Further strength would target 353/395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 281 (20-DMA) and a break below would target 271 (100-EMA)/ 234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 220 (trend line joining of 134.78 and 201.28/205 (200-DMA).

Momentum studies: On the daily chart, 5-DMA is showing a slight turn, RSI is weak at 49, and stochs are on the verge of a rollover from the overbought level, suggesting bearish bias for the pair. Bias appears bearish on the hourly charts as well.

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