ETH/USD has restored his strength to above 10-DMA on Monday and is currently trading at 465 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 448.50

Kijun-Sen: 407.24

On the upside, the pair is likely to face resistance at 478 (78.6% retracement of 498.90 and 402) and a break above would see it testing 494 (trend line joining 498.90 and 495)/505 (trend line joining 404.99 and 498.90). Further strength would target 525/558.

On the downside, support is seen at 453 (2h 200-SMA) and any violation would drag it to 428 (23.6% retracement of 201.28 and 498.90)/402 (December 8 low). Further weakness would see it testing (365 (50-DMA)/332 (100-DMA).

Momentum studies: On the daily chart, the pair is holding well above 10-DMA at the time of writing, with RSI strong at 59 and stochs biased higher. However, MACD line is below the signal line.

Bias appears bullish on the intraday charts.

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