ETH/USD continues rangebound trading on Friday as it faces strong resistance from trend line joining 404.98 and 320. It is currently trading at 303 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 295.50

Kijun-Sen: 248.90

On the upside, the pair faces strong resistance at 311 (trend line joining 404.98 and 320) and a break above would 325 (double top resistance). A consistent break above would see it testing 347 (78.6% retracement of 404.98 and 134.78)/381 (June 18 high)/404 (June 12 high).

On the flip side, support is seen at 287 (trend line joining 177.80 and 271) and a break below would see it testing 269 (20-DMA)/242 (50-DMA). Further weakness would drag it to 238 (100-DMA)/ 194 (1w 20-SMA).

The pair is trading in a very narrow range for past couple of sessions. A consistent break above 325 levels would confirm further bullishness.

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