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FxWirePro: ETH/USD struggles to re-take 300, decisive break above cloud targets 326

ETH/USD is struggling for a consistent break above 300 levels and is continuing its rangebound trade on Wednesday. It is trading at 298 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 293.55

Kijun-Sen: 312.75

On the upside, a decisive break above 300 levels would target 307 (Cloud top)/ 326 (trend line joining 395 and 349.50). Further strength would target 349 (October 16 high)/395 (September 01 high).

On the downside side, support is likely to be found at 286 (trend line joining 201 and 277) and a break below would see it testing 257 (61.8% retracement of 201.28 and 349.50)/251 (200-DMA)/234.

Momentum studies: Overall bias remains neutral as the price action is extremely flat. The narrowing of the Bollinger bands suggest, however, an upcoming change in trend.

A decisive break above cloud coupled with RSI crossing 50-mark is likely to see a jump to 326 levels.

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