ETH/USD is trading in a narrow range on Wednesday after it hit a fresh all-time high at 258 levels on June 06. It is currently trading at 251 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 219.75

Kijun-Sen: 169.02

The pair failed to close above 256 (127.2% extension of 40.12 and 210) on Tuesday. A decisive break above will see the pair testing 273 (161.8% retracement of 210 and 107.06)/307 (161.8% extension of 107.06 and 231).

Overall bias remains bullish. However, caution is advised as stochs and RSI are in the overbought zone.

Support is seen at 240 (5-DMA) and a break below would target 226.45 (10-DMA)/ 189.57 (20-DMA).