ETH/USD is trading in a very tight range on Friday as it struggles for a decisive break above 20-DMA. It is currently trading at 334 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 338.15
Kijun-Sen: 333
On the upside, a consistent break above 341 (20-DMA) would target 351 (10-DMA)/ 370 (78.6% retracement of 395 and 281). Further strength would see it testing 395 (September 01 high)/414 (trend line joining 271.40 and 395)/ 425/465.
On the flip side, a decisive break below 329 (5-DMA) would drag the pair to 313 (trend line joining 134.78 and 177.80)/ 299 (55-EMA). Further weakness would drag it to 280 (100-DMA)/ 238 (1w 20-SMA)/ 190 (78.6% retracement of 134.78 and 395)/ 172 (200-DMA).
Bias appears neutral on the daily chart as RSI is holding above 50, while MACD line is below the signal line.
Recommendation: Wait for clear directional bias.
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