ETH/USD is trading in a close range on Thursday and hovering around 300 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 265.50

Kijun-Sen: 226.06

On the upside, the pair is struggling for a decisive break above 306 (61.8% retracement of 412.21 and 136.12), which would then test double top resistance at 318 (June 28 high). Further strength would see it testing 353/377 (June 18 high)/ 412 (June 12 high)/448.

On the reverse side, support is seen at 284 (5-DMA) and any violation would drag it to 239 (50-DMA)/219 (100-DMA)/181 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/126 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with MACD line above the signal line and RSI strong at 67. However, caution is advised as Stochs are in the overbought zone.

Recommendation: Good to go long on decisive break above 320. SL: 268. TP: 353.

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