ETH/USD broke above 800 levels on Tuesday and has hit a fresh all-time high at 863 levels so far in the day. It is currently trading at 815 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 583.71

Kijun-Sen: 555.55

On the upside, a consistent break above 864 (200% retracement of 738.97 and 613.01) would see the pair testing 900/929 (161.8% extension of 430 and 738.97). Further strength would target 942/1000.

On the downside, support is seen at 786 (1h 20-SMA) and a break below would drag the pair to 753 (2h 20-SMA)/731 (5-DMA). Further weakness would target 658 (10-DMA)/ 613 (December 15 low).

Momentum studies: Bias remains bullish on the daily chart even though bears seem to have dragged the price to around 803 levels at the time of writing. All major moving averages biased higher and MACD line above the signal line. Caution is advised as stochs and RSI are at overbought levels.

Recommendation: Good to go long on dips around 800/820. SL: 700. TP: 864/900.

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