ETH/USD climbed back above the 300 mark and hit 317 levels so far in the day. It is currently trading at 308 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 317.80

Kijun-Sen: 338.15

On the upside, resistance is seen at 318 (10-DMA) and a break above would see the pair testing 338 (20-DMA)/ 351 (61.8% retracement of 395 and 281). Further strength would target 370/ 395(September 01 high)/425 (trend line joining 271.40 and 395).

On the flip side, support is seen at 293 (50-DMA) and any violation would drag the pair to 283 (100-DMA)/265 (100-EMA). Further weakness would see it testing 248 (1w 20-SMA)/234 (61.8% retracement of 134.78 and 395)/190/178 (200-DMA).

Momentum studies: Bias remains bearish on the daily chart with RSI at 46, MACD line below the signal line and stochs in the oversold zone. In addition, 5- and 10-DMA are also biased lower.

Recommendation: Good to go short on break below 280. SL: 340. TP: 265/234.

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