ETH/USD closed below 5-DMA on Wednesday and subsequently broke below 10-DMA today. It is currently trading at 314 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 329.50

Kijun-Sen: 260.03

On the upside, the pair faces resistance at 352 (5-DMA) and a break above would see it testing 392 (200% extension of 107.06 and 250)/417 (June 12 high).

On the downside, a close below 312 (10-DMA) would drag the pair to 259 (20-DMA)/225 (61.6% retracement of 107.06 and 417)/200.

Momentum studies have turned bearish as RSI and stochs have rolled over from the overbought zone. Also, the 5-DMA has turned and the pair trading below 10-DMA.

Recommendation: Good to go short on rallies at 310. SL: 352. TP: 259/225.