ETH/USD is trading in an extremely close range on Wednesday as it tries to hold above 300 levels. It is currently trading at 301 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 297.33

Kijun-Sen: 312.75

On the upside, the pair is facing strong resistance at 308 (20-DMA) would target 321 (61.8% retracement of 395 and 201.28)/ 332 (trend line joining 395 and 349.50)/353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).

On the down side, support is seen at 293 (trend line joining 201.28 and 276) and a break below would see it testing 275 (50% retracement of 201.28 and 349.50). Further weakness would drag it to 242 (200-DMA)/201 (September 15 low).

Momentum studies: On the daily chart, RSI is weak at 48, while stochs are biased higher. Some weakness could be seen on the intraday charts and a break below 293 levels would see further bearishness in the pair.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest