ETH/USD has broken above 300 levels and is hovering around 50-DMA at 309 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 281.55

Kijun-Sen: 286.64

On the upside, a decisive break above 308 (50-DMA) would see the pair testing 321 (61.8% retracement of 395 and 201.28)/345 (Cloud top). Further strength would target 395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 275 (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 198 (200-DMA)/ 177 (July 29 low).

Momentum studies: Bias has turned bullish on the daily chart with RSI at 54, MACD line above the signal line, and stochs rolling over to the overbought zone.

Recommendation: Good to go long on dips around 308. SL: 285. TP: 321/345/395.

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