ETH/USD continues to consolidate in a narrow range as it struggles for a consistent break above 50-DMA. It is currently trading at 301 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 294.73

Kijun-Sen: 271.89

On the upside, a decisive break above 308 (50-DMA) would see the pair testing 321 (61.8% retracement of 395 and 201.28)/335 (Cloud top). Further strength would target 353/395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 296 (10-DMA) and a break below would target 281 (20-DMA)/271 (100-EMA)/234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 219 (trend line joining of 134.78 and 201.28/203 (200-DMA).

Momentum studies: On the daily chart, RSI is holding at 52, MACD line is above the signal line. However, the pair is extremely rangebound and further bullishness could be seen only on a consistent break above 50-DMA.

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