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FxWirePro: ETH/USD hovers around 20-DMA, decisive break above 10-DMA to see further upside

ETH/USD is trading in a narrow range on Thursday as it stopped short of 10-DMA on September 06. It is currently trading at 335 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 338.15

Kijun-Sen: 333

On the upside, resistance is now seen at 355 (10-DMA) and a break above would see the pair testing 370 (78.6% retracement of 395 and 281)/395 (September 01 high)/404.99 (June 12 high). Further strength would see it testing 425/465/500.

On the flip side, a close below 332 (5-DMA) would see the pair testing 310 (trend line joining 134.78 and 177.80)/297 (55-EMA). Further weakness would drag it to 279 (100-DMA)/ 238 (1w 20-SMA)/ 190 (78.6% retracement of 134.78 and 395)/ 170 (200-DMA).

On the daily chart, RSI is holding the 50 mark, while MACD line is below the signal line.

Recommendation: Wait for clear directional bias.

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