ETH/USD is trading lower on Thursday and is hovering just above 20-DMA. It is currently trading at 692 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 665.80

Kijun-Sen: 632.50

On the upside, resistance is seen at 716 (1h 100-SMA) and a break above would target 728 (61.8% retracement of 863 and 512)/787. Further strength would see it testing 800/863 (December 19 high).

On the downside, a decisive break below 677 (20-DMA) would drag the pair to 632 (50% retracement of 402 and 863)/610 (38.2% retracement of 201.28 and 863). Further weakness would see it testing 578/512 (December 22 low).

Momentum studies: Bias appears to have turned bearish on the daily chart with MACD line below the signal line, RSI at 57 with lower bias and stochs biased lower. A consistent break below 20-DMA, coupled with RSI below 50, would see further downside in the pair.

Recommendation: Good to go short on break below 677 (20-DMA). SL: 730. TP: 632/610.

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