ETH/USD is trading in a very choppy range on Friday after it failed to hold above 10-DMA. It is currently trading at 293 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 273.66

Kijun-Sen: 316.75

On the topside, the pair is facing stiff resistance at 301 (trend line joining 417 and 315) and a consistent break would target 326 (20-DMA)/ 340 (61.8% retracement of 417 and 216.51). Further strength would target 371 (June 18 high)/417 (June 12 high).

On the downside, a break below 284.11 (5-DMA) would target 262 (50% retracement of 107.06 and 417)/235 (50-DMA). Further weakness would drag it to 189 (90-EMA)/173.

Momentum studies: On the daily chart, MACD line is below the signal line, while RSI is at 51. Stochs are biased higher.

Overall bias appears neutral at the moment. Further bullishness would be seen only if the pair breaks above the trend line resistance.

Recommendation: Wait for clear directional bias.

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