ETH/USD is trading in the red and hovering around 10-DMA on Tuesday as its upside is capped by trend line joining 404.98 and 316.92. it is currently trading at 294 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 289.17
Kijun-Sen: 248.90
On the upside, immediate resistance is seen at 308 (trend line joining 404.98 and 316.92) and a consistent break above would see the pair testing 325 (double top resistance)/347 (78.6% retracement of 404.98 and 134.78). Further strength would target 381 (June 18 high)/404 (June12 high).
On the flip side, a decisive break below 294 (10-DMA) would drag it to 276 (23.6% retracement of 134.78 and 320)/254 (20-SMA). Further weakness would see it testing 231 (100-DMA)/193 (1w 20-SMA).
Momentum studies: On the daily chart, RSI is at 61 with lower bias, MACD line is above the signal line, while stochs are on the verge of a rollover from the overbought zone. Bias appears weak on the hourly charts as well.
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