ETH/USD is continuing rangebound trading on Friday as it faces strong resistance at 127.2% extension of 40.12 and 210 rally at 256 levels. It is currently trading at 254 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 230.50

Kijun-Sen: 169.02

On the upside, a decisive break above 256 (127.2% extension of 40.12 and 210) will see the pair testing 273 (161.8% retracement of 210 and 107.06)/307 (161.8% extension of 107.06 and 231).

Overall bias remains bullish with RSI holding at 78, MACD line above signal line, and the pair holding above 7-DMA. However, caution is advised as stochs and RSI are in overbought zone.

Support is seen at 244 (7-DMA) and a break below would target 216 (23.6% retracement of 107.06 and 250)/ 202.70 (20-DMA)/178.