ETH/USD continues to hover around 20-DMA at 308 levels as it failed to close above this level on Monday (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 294.83

Kijun-Sen: 312.75

On the upside, a decisive break above 308 (20-DMA) would target 321 (61.8% retracement of 395 and 201.28)/ 334 (trend line joining 395 and 349.50)/353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 298 (Cloud top) and any violation would see it testing 291 (trend line joining 201.28 and 276)/275 (50% retracement of 201.28 and 349.50). Further weakness would drag it to 257/233.

Momentum studies: On the daily chart, RSI is holding at 52, MACD is on the verge of a bullish crossover, and stochs are biased higher. While the pair is extremely rangebound, a decisive break above 20-DMA is expected to see some bullishness in the pair.

Recommendation: Good to go long on consistent break above 308. SL: 290. TP: 321/334.

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