ETH/USD is largely unchanged on Wednesday as it continues to hover around 21-EMA. It is currently trading at 289 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 275.05

Kijun-Sen: 296.14

On the upside, a decisive break above 300 levels would see the pair testing 307 (50-DMA)/321 (61.8% retracement of 395 and 201.28)/353. Further strength would target 395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 276 (100-DMA) and a break below would drag the pair to 234 (61.8% retracement of 134.78 and 395)/215 (trend line joining of 134.78 and 201.28). Further weakness would target 197 (200-DMA)/ 177 (July 29 low).

Momentum studies: Bias appears neutral on the daily chart as the pair is extremely rangebound. RSI is at 49, while MACD line is above the signal line and stochs are rolling over to overbought zone. A consistent break above 50-DMA would see further bullishness in the pair.

Recommendation: Wait for clear directional bias.

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