ETH/USD continues to consolidate inside the Ichimoku Cloud as its upside is capped by the trend line joining 395 and 314. It is currently trading at 303 levels at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 300.72

Kijun-Sen: 257.86

On the upside, resistance is seen at 310 (trend line joining 395 and 314) and a break above would target 321 (61.8% retracement of 395 and 201.28)/ 353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 301 (10-DMA) and a break below would target 275 (100-DMA)/ 234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 227 (trend line joining of 134.78 and 201.28/213 (200-DMA).

Momentum studies: Bias appears neutral on the daily chart as the pair continues to trade in a narrow range. RSI is at 52 with weaker bias and stochs are on the verge of a rollover from the overbought levels, while MACD line is above the signal line.

Recommendation: Wait for clear directional bias.

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