ETH/USD is trading in a narrow range on Wednesday as it continues to consolidate inside the Ichimoku cloud. It is currently trading at 295 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 295.50

Kijun-Sen: 259.63

The pair faces strong resistance at 307 (50-DMA) and a break above would target 321 (61.8% retracement of 395 and 201.28)/335 (Cloud top). Further strength would target 353/395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 285 (20-DMA) and a break below would target 274 (1w 20-SMA)/ 234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 222 (trend line joining of 134.78 and 201.28/206 (200-DMA).

Momentum studies: On the daily chart, RSI is below 50 and stochs have rolled over from the overbought levels. However, MACD line is above the signal line.

On the weekly chart, 20-SMA is a major support and any violation would see further downside in the pair.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest