ETH/USD closed below 5-DMA on August 13 after it hit 320 levels the previous day. The pair is currently trading in an extremely narrow range and hovering around 300 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 286.50

Kijun-Sen: 248.90

On the upside, immediate resistance is seen at 309 (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)/381 (June 18 high)/404 (June 12 high).

On the flip side, support is seen at 290 (10-DMA) and any violation would drag it to 276 (23.6% retracement of 134.78 and 320). Further weakness would drag it to 249 (20-SMA)/ 229 (100-DMA)/194 (1w 20-SMA).

Momentum studies: On the daily chart, RSI is strong at 64 and MACD line is above the signal line, suggesting higher bias. However, stochs are in the overbought zone.

The pair’s upside is being capped by the trend line joining 404.98 and 316.92 and a decisive break above double top resistance at 325, coupled with a rollover of RSI to overbought zone, would confirm further upside.

However, some weakness could be seen on the hourly charts. On the 1-hour chart, RSI has fallen below 50 and stochs are biased lower. A break below 275 would see further downside.

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