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FxWirePro: ETH/USD rangebound, break above channel top targets 268

ETH/USD is trading in an extremely narrow range from past couple of sessions. It is currently trading at 217 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 196.23

Kijun-Sen: 223.77

On the upside, the pair faces resistance at 230 (trend line joining 417 and 257.85) and a break above would see it testing 268 (50-DMA)/301 (Cloud top). Further strength would see the pair testing 319 (trend line joining 107 and 216.51)/356 (78.6% retracement of 417 and 134.62).

On the reverse side, support is seen at 200 (10-DMA) and any violation would target 187 (100-DMA)/134 (July 17 low). Further weakness would drag it to 105 (200-DMA)/66 (113% retracement of 107.06 and 417).

Momentum studies: Overall bias appears neutral as the pair is extremely rangebound. On the daily chart, RSI continues to be below 50, while stochs are slightly biased higher. Also, a bullish MACD crossover could be seen on the signal line.

On the weekly chart, stochs are biased lower, while RSI is strong at 59.

Recommendation: Wait for a clear directional bias.

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