ETH/USD soared past 700 levels and hit a fresh all-time high at 738 levels so far in the day. It is currently trading at 717 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 570.48

Kijun-Sen: 539.53

On the upside, a decisive break above 723 (161.8% extension 134.78 and 498.90). Further strength would see it testing 756 (113% extension of 430 and 718.97)/796 (200% extension of 201.28 and 489.90). Further strength would target 863/900.

On the downside, support is seen at 697 (1h 20-SMA) and a break below would see the pair testing 673 (4h 10-SMA)/660 (2h 20-SMA). Further weakness would target 636 (1h 50-SMA)/591 (5-DMA)/540 (61.8% retracement of 430 and 718.97)/412 (10-DMA).

Momentum studies: Bias remains bullish on the daily chart with RSI strong at 81, MACD line above the signal line and major moving averages biased higher. Bias remains bullish on the intraday charts as well.

Recommendation: Good to go long on dips around 700/710. SL: 630. TP: 756/796.

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