ETH/USD hit a fresh high of 54.97 on Thursday and is currently at 51 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 46.28

Kijun-Sen: 35.26

The pair has formed a bullish flag pattern, with upside capped by 55.43 (200% extension of 5.92 and 30.67 rally). A consistent break above would confirm further bullish run, targeting 57.87(113% extension of 5.92 and 51.90)/60.

The pair has taken support near 47.84 (7-DMA), and a break below would see a dip till 46.16 (10-DMA). Further weakness would drag the pair to 43.32 (23.6% retracement of 15.56 and 51.90)/37.74 (20-DMA).

Caution is advised on account of bearish RSI divergence and stochs in the overbought zone. Watch out for a close below 10-DMA for signs of minor bearishness.