ETH/USD failed to close above 20-DMA on Wednesday and is trading in a narrow range today between 44 and 46 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 48.08

Kijun-Sen: 37.98

The pair faces strong resistance from 45.69 (5-DMA) and only a decisive break above would confirm further upside. A close above this level would see the pair testing 48.39 (10-DMA)/ 49.70 (61.8% retracement of 51.97 and 41.18)/51.90 (March 17 high).

On the flipside, support is seen at 43.39 (23.6% retracement of 5.92 and 54.97) and any violation could see a dip till 41.18 (April 04 low)/ 37.60 (March 22 low). Traders are advised to wait for confirmed signal on daily charts.